Financial Stress in Gen Z and Gen X Canadians
There is an epidemic of worry, stress and fear over money. Gen Z and Gen X Canadians are particularly stressed. I’m not talking about an occasional worry – I’m referring to crippling anxiety, clinical depression and pervasive hopelessness. These are our children, our grandchildren and our future. It’s not right.
As a parent, I’m aware that I’m only as happy as my least happy child, perhaps that’s why I feel such a pull to help. The Good News is that there is a way to empower these generations, to inoculate them from financial stress and to equip them for success.
2022 Financial Stress Index Infographic (fpcanada.ca)
The Link Between Financial Health and Physical Well-Being
There is a nexus between financial health and physical health. UK based insurer Avia reports that: “…overall happiness, well-being, and self-esteem are influenced by our sense of financial control and not by how much we lodge in the bank every month…” The key to achieving that sense of control may be preparing a financial plan. “…those with sensible financial plans in place are happier overall and have a stronger sense of “financial well-being” regardless of their pay packet.” “It has long been said that money doesn’t buy happiness, but there has been little evidence to prove it. This study shows a strong link between financial behaviour, self-esteem and happiness, and proves that those with sensible financial plans in place are happier overall.” Happiness linked to financial planning, research shows | Family finances | The Guardian
How We Can Help Empower Future Generations
It gets better, “it’s no surprise that getting you finances in order can relieve stress, but our research shows that it can also positively affect physical fitness.” Financial and Physical Well-Being Go Hand-in-Hand for a Majority of Americans, New Survey Finds | TD Stories Once again, the key according to the researchers was having a financial plan in place. Incredible.
I find this remarkable – and exciting – it means that Briana and I can help! We all want to see our friends, our children and grandchildren thrive – now there is a tangible way to offer help. I have no doubt that many of us carry worry and stress for the younger generation in our lives. Now you can reduce your own worry by helping them achieve a sense of control over their own finances. All you need to do is invite them to reach out to us and we’ll help them through the financial planning process and deliver a financial plan – no strings attached. It’s our way of paying it forward.
Together we can help the next generations thrive.
Glen
