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Financial Planning as a Form of Self-Care
Fianncial Planning as a Form of Self-Care
The Number One Cause of Stress
Did you know that the number one cause of stress for Canadians is money? According to the Financial Stress Index published by Financial Planning Canada, people ranked money as the number one cause of stress, ahead of health, work and relationships. It is not just a 2020 pandemic issue - it was also ranked first in their last two surveys published in 2014 and 2018.
Stress impacts Canadians in different ways, but it has caused both physical and emotional effects. Half of Canadians have lost sleep over their finances, and it causes people health issues, relationship problems, reduced productivity at work, family disputes, and substance use challenges. “Money, health, relationships and work are deeply interconnected; stress in any one of those domains can compound problems in the others,” said Dr. Moira Somers, Ph.D., C.Psych, a clinical neuropsychologist specializing in mental and financial well-being. If you feel stressed due to your finances, you are not alone, and there is help.
A significant way to reduce stress is through a greater connection to your finances and having a plan with your money. People with comprehensive financial plans have higher levels of emotional and financial contentment than those who do not. 6 in 10 Canadians have said that they are emotionally better off, and close to 9 in 10 said they were financially better off, according to FP Canada’s Value Study. If you are experiencing money stress, this is the best way of helping you feel better and more confident about your financial future.
What is a Comprehensive Financial Plan?
A comprehensive financial plan is a map to help you reach your major life goals and events. It can include household budgeting, tax, retirement, estate planning, investing, debt and financial risk management. This holistic plan is a guide for your financial future. It is a living document - meaning that it is flexible and constantly changing, just as our lives are changing.
Having a financial plan is not just for people who have investments or wealth. They are for all Canadians - and as shown above, they can help reduce stress in your life. You will have a greater understanding of your current finances and what you need to do to achieve your next vacation, car or house purchase, or retirement and every goal in-between.
How to Get a Comprehensive Financial Plan?
To get a financial plan, you need to reach out to an advisor. Find someone that you trust and puts your financial interest first. At Worthy Financial, we only offer financial advice - therefore, we have no products to upsell or commissions earned from your money. We believe financial planning and advice should be impartial and put you and your hard-earned money first. Contact us today at 877-365-3050 to book a free consultation and let us help you reduce your money stress.