If I were to ask you: What is the top source of stress or concern in adult life, what would be your answer?

As per a recent survey by American Institute of Stress and by American Psychological Association, Financial concerns or Money Stress is the top source of stress in adults in America. But we don’t really have to look at surveys to conclude that, right?

Here’s why Financial Stress is the most predominant stress in adults:

• Just think about it for a moment. Most kids are carefree at school. As they grow up, the first concerns are about a good career. Why? To earn good money!

• At work, the concerns are about performance and growth, again the backdrop of which is money, and the quality of work they are doing.

• As people marry and have families, the money stress increases, as with kids and a new home, managing family responsibility, finances, kids education are a key concern. Lack of money for goals and dreams is another concern.

• As people move towards retirement, their main concern is how much money they’ll have towards the end of their lives. Would they have enough, would they be able to sustain?

Lack of Financial Literacy & Financial Stress

There’s a direct correlation between lack of financial literacy and financial stress.

We see that most people who kickstart their financial journeys later in life are reactive in approach, lack smarter financial decisions, are inefficient and often flounder. In fact money management for them becomes a grind!

Most importantly, late-starters clearly lose out on the power of compounding! The earlier children start, the better placed children are for future financial success and a better quality of life.

Avoiding Financial Stress by Early Financial Education

We need to understand and appreciate that money is a ‘subject’ that remain with us as soon as we step out of our school, well until we die. Whether it be work, or family or lifestyle, money is a make or break. Learning about money cannot be taken lightly.

We can avoid serious future stresses in our children’s lives by preparing them early. By giving them early financial education and making them money friendly and literate. Treat finance as a life-critical subject.

They need to start their financial journeys ASAP! Yes, Finkeyz can help.