If you have ever had money problems (and who hasn’t at some point?), think about how those financial worries impacted your life and health. Did you feel nervous or anxious? Was your energy level lower than usual? Were you tempted to cut back on social activities? Did you have trouble sleeping?
Americans are stressing over money
According to the American Psychological Association’s annual Stress in America survey, money is one of the most common sources of stress in the United States, ranking ahead of worries about the economy and personal health concerns.1 The 2018 PWC Employee Financial Wellness Survey found that one quarter of American workers say issues with personal finances have been a distraction at work and 43% of those say they spend three hours or more at work each week dealing with personal finance concerns.2
There is no shortage of resources for reducing stress and improving physical and emotional wellness. Books explaining healthy eating regimens, apps and wearable devices that act as personal workout trainers, and videos that teach mindfulness and meditation have become common. Financial wellness needs to be part of this toolkit because it plays a big role in the effort to live a well-balanced, healthy life.
What does financial wellness feel like?
Financial Wellness is simply a healthy balance between living for today while preparing for tomorrow. It is not necessarily about becoming wealthy (although that is certainly a goal for some). It is more about finding a state of mental well-being where you are in control of your finances and confident in your short-, medium-, and long-term financial decisions.
Helping you build a healthier life
Voya Financial asked American workers if they feel financially fit and what financial wellness means to them. Many self-report that they are financially out of balance. Some are not saving for retirement. Others are having trouble meeting their day-to-day financial needs, falling short of their financial goals and getting stressed out about it. Using this consumer research, Voya created the Financial Wellness Experience assessment, an interactive educational experience.
You can access Voya’s Financial Wellness Experience from the ABA Retirement Funds Program (“the Program”) website. It provides you with comprehensive information on where you stand financially today as it relates to debt, retirement, and other financial matters, and helps you design a roadmap to make improvements for tomorrow.
To get started, log in to your Program account, select the Financial Wellness tab in the main navigation bar and complete the online assessment. Answering 12 simple questions will give you information about how you are managing six financial wellness pillars:
It is that easy! After you complete the assessment you will get a personalized summary of areas you may want to focus on to increase your financial wellness.
The more in control you feel about your finances, the less stress you may experience. That, in turn, could help to improve your emotional, physical and social health so you can manage your financial stress when it arises. Try the Financial Wellness Experience assessment today!
1 American Psychological Association’s annual Stress in America 2017 survey http://www.apa.org/news/press/releases/stress/2016/coping-with-change.PDF
2 2018 PWC Employee Financial Wellness Survey https://www.pwc.com/us/en/industries/private-company-services/library/financial-well-being-retirement-survey.html