Calming Financial Anxiety

by Lance Gunkel, CFP®, CFA, Managing Director | January 24, 2022

Duration: 1:43

Show Notes

Managing Director Lance Gunkel addresses common financial questions and how using the answers to those questions can help calm financial anxiety.

Some of those questions might include:

  1. Am I saving enough to retire?
  2. Do I have a large enough cash reserve for emergency expenses?
  3. Where should I invest my extra dollars?
  4.  Should I refinance my mortgage?
  5. Can I afford to help my kids financially?

Gaining insight on money issues, including emergency savings and investment allocation, could increase your overall happiness.

A study published in 2021 by FINRA and the Global Financial Literacy Excellent Center surveyed over 19,000 adults and found that a low level of financial literacy was a contributor to stress and anxiety. Ignoring financial issues because they may cause stress might lead to worse financial outcomes. 

Another 2021 study by Herbers & Company Research looked at four predictors of happiness: fulfillment, intention, impactfulness, and gratefulness. All four factors were higher among consumers who worked with financial advisors. The study also found that once consumers move beyond $1.2 million of assets, those without advisors became less happy, while those with advisors found an increase in happiness.

A daunting task of facing your financial questions is simply identifying your questions.  You can start by writing down your goals and possible concerns, then seek out targeted information to find resolution.

Your resources can include books, online courses, or a trusted financial partner, such as a fee-only financial planner listed in the database from the National Association of Personal Financial Advisors, or NAPFAOr call Syverson Strege at 515-225-6000 for a complimentary, no obligation, private consultation.

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