Gray hairs and financial stress – are they truly linked, as our genetic makeup may suggest? Not according to WealthUp’s team of financial gurus. They suggest that the worry lines etched on our faces may be more closely tied to financial woes than to hereditary factors.

So, how can you keep both your hair and your sanity intact in the face of financial stress? WealthUp has enlisted the help of experts to provide insight on managing the emotional and practical challenges that come with financial strain.

Deep Dive: A recent installment of our Weekend Tea series delved into the topic of financial stress in relation to the upcoming presidential election. But let’s imagine a world where the election is not imminent – would your financial worries magically disappear? Unlikely.

WealthUp Insight: Unsure about seeking financial advice? Here are essential questions to ponder.

Financial stress is a pervasive issue, as evidenced by the MarketWatch Guides Financial Stress Survey. According to the survey:

• 88% of respondents experience financial stress
• 65% identify finances as a major stressor
• 64% report feeling “financial fatigue”
• 47% deem 2024 as their most stressful financial year

These findings highlight a longstanding societal concern regarding financial well-being.

Grant Gallagher, Head of Wellbeing at Affinity Federal Credit Union, shared insights from surveys conducted by the credit union. Over the years, data has shown recurring themes of dissatisfaction with living standards and inflation-induced stress among members.

However, the survey reveals troubling behaviors among respondents, with many opting to conceal financial stress from loved ones and ignore problems until they escalate into crises.

Refusing to acknowledge financial difficulties is akin to an ostrich burying its head in the sand – a mythological action that serves no purpose. Avoiding financial challenges only exacerbates the situation, leading to heightened distress and potential disaster.

According to Gallagher, ignoring financial issues until they spiral out of control is a common coping mechanism for individuals overwhelmed by their economic predicaments.

The Approach: Seeking a diverse perspective, WealthUp consulted with Gallagher and Kassi Hyde, a Wealth Management Advisor at Apollon Wealth Management.

WealthUp Tip: Diversify your portfolio with Vanguard index funds for optimal returns.

Confronting financial troubles head-on not only alleviates emotional strain but also aids in making sound financial decisions. Implementing strategies to address mental and financial health is key to sustainable progress.

Focus on the Controllable, Release the Uncontrollable

Gallagher proposes a mental health approach to tackle financial stress. By categorizing concerns into “control” and “uncontrollable” buckets, individuals can redirect their focus towards actionable solutions, minimizing unnecessary worry.

While one cannot ignore financial obligations, such as bill payments, establishing set times to address these stressors can provide mental relief and allow for more focused problem-solving.

Embracing incremental progress over grandiose actions is key to sustainable financial improvement, according to Gallagher. Slow but steady advancements offer lasting benefits and reduce overall stress levels.

Counter Emotions with Data and Perspective

Fear often distorts reality, especially in financial matters. Seeking guidance from financial professionals can provide clarity and context in challenging times.