Coping with financial stress as a senior
It is becoming more imperative that we start to look long-term and prepare earlier for life post-work. As we get older, there are far more financial pressures that are placed upon us such as families, mortgages, and long-term loans. It is no surprised that stress becomes more apparent. As we go through our 40s financial stress hits 45% of us, this reduces to 31% in those over 50 and then 19% once we hit 70. These are still high numbers and there are a number of reasons behind it.
There are a variety of financial reasons that can contribute to stress but there tends to be a few that are always evident. According to the Federal Reserve, 51% those over the age of 40 are suffering from stress due to a reduction in wages or a loss of job. Naturally this drops in those over 70, affecting only 24.7%. Of course, as we age then healthcare costs become more of a worry.
Apart from the financial implications, the most obvious consequence of financial stress, is the health-related issues that come with it. There are a number of symptoms that will show themselves and of course the longer-term health problems that develop. The problem with this is the increased health costs which will then become a problem as a result, producing a vicious circle.
It is important we recognise early the implications of financial stress and the consequences it can have on our mental and physical health. Through adopting the advice in this guide, there are a number of ways you can relieve the pressure on yourself and work your finances into a better position to financial stress doesn’t become an issue.