There are lots who spend most of their time worrying about personal finances. However, there is a difference between pondering over a huge bill and spending most of your time stressing about your finances. The latter situation seems to be more common among the working millennials. As per a study released by Northwestern Mutual Study, more than 30% of American millennials are experiencing extreme levels of financial anxiety, so much so that it is having an impact on their job performance. This figure is more than twice the general population rate. Even more, there are 25% millennials who claim that financial stress makes them physically weak on a monthly basis.
What Are the Millennials Getting Worried of?
The young Americans have lots of things that tend to weigh in their mind but among them, few of the topmost concerns are savings, job loss and income. What is it that makes the millennials so vulnerable to stress and anxiety? Though the young workers are not always the first to experience a sudden layoff, it is true that someone who has few years of experience and who is a novice will be more susceptible to a job loss.
Since millennials are more likely to owe higher levels of student loan debt than the older ones, their capability of saving enough money is even pretty limited. Young workers usually earn the least and they’re therefore not only worried about how little they’re earning but they have fewer options for boosting that number in the near future.
How to Find Out Viable Solutions?
Are you staying awake at night due to issues related to money? If answered yes, you have to make sure you gain more security, especially in your financial field. The first place to secure is your job. Although it is true that even the most experienced and diligent worker may get laid off, you can still minimize the risk by enhancing your skills and proving your value at your present job. Volunteer for brand new projects at work, get certified for anything that is related to your field so that you can strive towards betterment and excellence.
As long as savings are concerned, you might require putting in effort in case you’re way behind. You’ll be rather surprised to know that 70% of the adults have less than $1000 in savings and 35% don’t have any savings. Whichever category you may fall into, you would always have to build a safety net so that you can fall back on that financial cushion when there’s a dire situation ahead.
Craft a budget which accounts for your present expenses and then find out ways in which you can curb expenses, even though it may mean eliminating few luxuries. One more way out is looking for a side income which is a good way of building an emergency fund even faster. Presently 45 million Americans hold a second job.
Therefore, now that you’re wondering about the different ways in which millennials are stressed about their finances, you should take into account the above mentioned concerns and also know how to fight against them.