Virtually all Americans prize financial wellness, but millions are suffering from a bad case of the money blues, according to a recent survey conducted by data intelligence company Morning Consult on behalf of financial services firm Edward Jones.
Nearly half of Americans — 43% — do not feel financially stable, even though 93% believe financial wellness is important, the survey of 2,200 adults found.
So, what will it take for them to feel better? Survey respondents said they need the following three things.
3. Having no debt
Survey respondents who define financial wellness this way: 55%
Anyone who struggles with debt knows the fear of watching finances languish — or worsen — month after month. Being free and clear of credit card debt and other obligations provides tremendous peace of mind.
If you are struggling to get out of debt, know that there is help available. For example, you could reach out to a nonprofit credit counseling organization or an organization such as National Debt Relief.
2. Having enough money to take care of family
Survey respondents who define financial wellness this way: 57%
Being able to feed, house and clothe your family is the No. 1 priority for millions of people. If you have enough money to meet this responsibility, it can make all other challenges appear surmountable.
For more on keeping household finances in top shape, check out “4 Money Talks to Have With Your Family.”
1. Having no anxiety over monthly bills
Survey respondents who define financial wellness this way: 61%
Those who cannot pay their bills are in a state of perpetual crisis. On the other hand, having the cash flow to comfortably afford necessities frees your mind so you can enjoy life.
To stay on track, make sure you steer clear of the “5 Costly Mistakes People Make When Paying Bills.”
Improving your own financial wellness
If you truly want to banish the “money blues,” we have good news: You have the power to cure what ails you. And you can start the healing process by enrolling in the Money Talks News course Money Made Simple.
MTN founder Stacy Johnson offers 14 weeks of lessons on money basics in the course. You will learn how to improve your financial life in all of the following areas:
- Real estate
- Estate planning
After finishing these lessons, you will be ready to manage money more efficiently while spending less time getting the results you want. As Stacy writes:
“Whatever your situation, understanding and learning to control your money is going to improve your life. If you’re rich, you want to stay that way. If you’re not, you want to get that way.”
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