The Connection Between Financial Stress and Life-Altering EventsMay 03, 2023
Are you aware of the impact financial stress can have on an individual's life? Studies have shown that financial strain can cause devastating outcomes, such as divorce, stress, and even suicide. Here are five staggering statistics that illustrate the connection between financial stress and life-altering events:
1. Financial strain is the leading cause of divorce. According to a study by SunTrust Bank, 35% of married couples cited money as the primary cause of their divorce.
2. Financial stress is a significant contributor to mental health issues. A study by the American Psychological Association found that 72% of adults reported feeling stressed about money at some point in their lives, and those who reported financial stress were more likely to experience symptoms of depression and anxiety.
3. Financial stress is linked to increased suicide rates. According to a study by the Federal Reserve Bank of Atlanta, an increase in home foreclosures resulted in a rise in suicide rates in affected areas.
4. Millennials are more likely to experience financial stress than any other age group. A study by Northwestern Mutual found that 60% of millennials reported feeling financially insecure.
5. Financial stress can have a long-lasting impact on an individual's health. A study by Northwestern Medicine found that people who reported high levels of financial stress were more likely to experience chronic health conditions, such as heart disease and diabetes.
These statistics highlight the critical importance of financial literacy and education. Providing young people with the tools and knowledge they need to manage their finances can help prevent these life-altering events from occurring.
MoneyBricks offers a comprehensive personal finance education course tailored specifically to the needs of young people.
Our courses cover a wide range of topics, including budgeting, saving, investing, and credit management. By empowering the next generation with financial literacy skills, we can help them avoid the financial stress that plagues so many adults.
As parents and grandparents, it's our responsibility to ensure our children and grandchildren are equipped with the knowledge and skills they need to achieve financial stability and success. Don't let financial stress take a toll on your family's well-being. Invest in your young person's financial future with MoneyBricks.
Join us in our mission to promote financial literacy and education. Sign up for our courses at MoneyBricks.com and give your children and grandchildren the gift of financial freedom.
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