Many uncertainties in the market have prompted plenty of people to develop financial anxiety, and studies show that financial planners and other professionals might be underestimating the level of worry that people experience. The MQ Research Consortium in Kansas State University Personal Financial Planning Program determined that over 71% of those clients currently working with a financial planner report experiencing financial anxiety at least half of their time, although fewer than half of financial planners felt that financial anxiety was affecting their clients.
For many people, there is a difference between financial anxiety and financial stress. Financial anxiety is likely to happen when a person has a career and income, money and the hallmarks of financial security but still have fears that something bad is going to happen.
Financial stress, on the other hand, is associated with fears of not having enough money or an immediate financial crisis in front of you. In all of these circumstances, it is helpful to have the support of an experienced and knowledgeable estate planning lawyer to help you look ahead to the future and to create a plan that is in line with your goals.
The recent volatility in the markets and all of the changes associated with COVID-19 show that 1/5 of Americans are driven by emotion when it comes to personal finances.
The top concerns as shared in a recent study related to the economy include inflation, supply chain disruptions, the employment rate and interest rates. Many people have made carefully thought-out financial decisions over the past nine months, trying to take into account all of the shifting information and to make informed decisions about what to do next. However, basing your financial decisions around emotions can be problematic.
It is extremely important to think logically and to gather as much information as possible when making critical decisions for your future. This often means consulting with an experienced and dedicated estate planning lawyer as soon as possible to discuss issues around long-term care, disability planning and planning for the future of your assets. If you have not yet approached the estate planning process, set aside a time to meet with an experienced attorney today.