When people think of well-being, what comes to their mind is their mental and physical health. No doubt that these are extremely important factors but there is another aspect like one’s financial well-being which directly impacts the peace in their lives. Financial well-being comprises financial health and literacy. Being good with finances indicates that they are able to handle financial obligations and can manage their money matters well.
Financial stability is defined as the person’s finances and the ability to fulfill the financial commitments within a defined timeline. This term is more subjective and refers to the attitude and confidence of an individual in managing his or her finances.
Financial literacy is defined as the knowledge and skills that a person has and how he implements the strategies to sort out his finances. Financial stress arises when any one of the factors like financial health, literacy or welfare are affected.
However, several Canadians suffer from financial stress. Approximately 48% of these individuals believe that they do not get peaceful sleep due to financial stress. This is not limited to a particular age group, instead, various people struggle from financial stress, those with different backgrounds, financial situations, and occupations.
When a person is worried or feels stressed about his finances, that person is suffering from financial stress. Many sources can generate financial stress in one’s life. Some of them include:
Other personal issues and happenings can also contribute to this situation including:
Financial stress can affect a person in various ways including mental & physical health, work-life, personal relationships and more.
Studies show that financial stress directly affects one’s thought process, feelings and behavior. This can lead to depression and anxiety.
Physically, it can affect one in several ways such as; insomnia, weight loss or weight gain, headaches, muscle tension, high blood pressure, etc.
At work, it can affect one’s performance and working ability. It can make one have difficulty in concentrating, can lower the morale, generate errors in day-to-day work, and can also affect the relationship with co-workers.
Are you also going through financial stress and facing rejection with loan applications from traditional lenders or major banks? If yes, then you need not worry.
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