It's no surprise to learn that people worry about money, but a new study by the Certified Financial Planner Board reveals that women and younger people – two demographic groups of particular interest to credit unions – are especially stressed about their finances.
The study, conducted on behalf of the CFP Board by ORC International, surveyed 1,008 adults and found that 89% of women and 91% of people age 18-44 feel stress about their finances, making them the most stressed out groups in the study. Older Americans, on the other hand, were the least stressed about money – only 78% of people over 65 said they felt financial stress, CFP Board said.
More than half (55%) of credit union members are female, according to CUNA's 2014-2015 National Member & Nonmember Survey, and 42% of members are 44 years old or younger.
A quarter of the respondents said they feel money stress all the time, but for the majority (53%) financial stress waxes and wanes, according to the study. The end of the month when bills are due, the holiday season, tax season and the beginning of the year were the most stressful times for that group, the study found.
About half of the respondents said stress hinders their ability to make financial decisions, but the proportion was much higher among those 18-44 (58%), the study said.
"As long as that financial stress does not paralyze us, it is not necessarily a bad thing," CFP Board advocate Eleanor Blayney, pictured above, said. "The resulting awareness should empower us to take control of our financial fate."
People do seem to have coping mechanisms for the stress, according to the study, and some of those mechanisms may lead to more interaction with credit unions. About half (48%) said they cut spending to cope with stress, and 34% said they monitor their accounts and investments more frequently. About 13% said they do things to take their minds off their money stress and 5% contact financial professionals. According to the study, 82% of people 18-44 said they use these coping mechanisms versus just 62% of those 55 and older.
Debt was the biggest source of stress, according to the study (23%), followed by everyday expenses, health expenses, retirement, high education costs and market fluctuations. About 2% of respondents said their biggest source of stress was not knowing where to go or whom to ask for good advice.
About 75% of the respondents said having a financial plan, knowing more about investments and their own finances, and having more time to focus on finances would most reduce their financial stress. That number was higher (86%) for respondents age 18-44.
The CFP Board provides the CFP designation to more than 71,000 financial planners in the United States.
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