Financial anxiety can affect anyone who leads an independent life. Whether you’re a student, a young adult, a family man or woman, or someone who is not in a relationship, achieving financial freedom is significant. This entails having confidence in managing finances, including spending wisely, establishing a stable career, and clearing debts. Failing to achieve these goals can result in financial anxiety. While it causes mental stress, it is not a clinically diagnosable condition.

Financial Anxiety Is Evident When The Following Factors Are Present

• Demonstrating excessive frugal spending.
• Constantly worrying about potential financial problems in the future, even when you are financially secure.
• A persistent fear of financial hardship due to a decision or economic downturn.
• Avoiding to check your bank account due to overwhelming anxiety that affects your overall well-being.
• Engaging in excessive and uncontrolled spending to prove a point.

Some individuals may exhibit multiple factors simultaneously. However, it is essential to note that the presence of one factor can pave the way for others to appear.

The only way to combat the issue is by being aware of it and understanding the factors that contribute to such a dilemma.

Causes of Financial Anxiety

There are several reasons why people struggle with this problem. Prolonged periods of financial scarcity can make anyone acutely aware of financial problems. This means that even after experiencing a breakthrough, a family living with limited resources or income may still experience financial anxiety.

Financial anxiety can also arise when a person faces significant challenges in settling bills, such as job loss or unexpected medical expenses.

Inflation, an uncontrollable factor, also contributes to financial anxiety. Many families worry about their future, careers, and the rising cost of living.

As advised on the Mental Health and Money Advice website, to alleviate financial anxiety, it is helpful to talk to someone you trust and seek advice. There is no shame in sharing your financial struggles with others. Also, take stress breaks and practice relaxation techniques such as deep breathing. Identify the triggers.