Money is one of the biggest stressors in many American’s lives. A 2017 AICPA survey found that 56% of Americans said debt negatively affected their lives, and 39% said the debt made them feel anxious while 21% said it caused tension with a spouse or partner. And the Institute for Divorce Financial Analysts found money issues to be the third leading cause of divorce.
Now with more than 36 million Americans losing their jobs due to the COVID-19 pandemic, stress levels and anxiety are likely climbing. Watching debt levels rise while struggling to make monthly payments, can potentially lead to a feeling of hopelessness and have a serious impact on your quality of life.
“The good news is, you don’t need to be held hostage by financial stress,” said Michael Eisenberg, CPA/PFS, and member of the AICPA’s Consumer Financial Education Advocates. “There are several steps you can take to better manage your finances and reduce financial stress and anxiety.”