According to an AMP wealth management report, financial stress now affects over 25% of Australians – that’s over 2.8 million people! While it is a bad thing in itself, financial stress also causes a range of knock-on effects. For this reason, the best cure is prevention: if possible, plan proactively to avoid the scenarios that lead to financial stress.
Up your Productivity
AMP’s research shows financially stressed employees lose over 6 hours of productive work per week due to stress. There’s a vicious cycle of stress: Financial stress lowers your career effectiveness, which feeds further financial stress! Among the most-cited causes of financial stress are missing bills (32% of respondents) and missing mortgage payments (22% of respondents). To break this cycle, outsource the financial worries – let Bill Butler handle stressful, distracting details like mortgage payments and bills, while you focus on earning, career development and goal setting.
Stay fighting fit!
The same research shows financially stressed employees are absent over 6 hours per month, just due to stress-related illness. This impacts team morale as well as individual performance. There are further knock-on effects if you’re taking time off because of stress too: For example; you might not have any leave remaining if your child gets sick; you might miss out on crucial career development opportunities; or you might miss the chance to establish a relationship with a new client. The more your career takes off, the more crucial staying stress-free is: financial stress for those earning $150,000 and up, has doubled – up from 8% in 2014 to 16% today.
Set goals to score goals
Why is it so crucial to eliminate distraction? Because distraction kills your focus, and maintaining your focus through goals (and your plan to hit those goals) is your key to success: According to Ms. Doyle of AMP, “If employees have well-defined goals and a plan to achieve them, they are less likely to experience financial stress”.
For most of us, a comfortable, stress-free retirement is the longest-term goal of all. AMP’s report states that “Concerns about retirement are the main cause of financial stress for almost a third of employees aged 60 or above”. Clearly then, setting goals and following a plan to meet those goals, will save you even more stress in your golden years, and it will save you from stressing right now at work!
Bill Butler is a personal financial services organisation, which helps busy professionals outsource the day to day of their personal finances. Is it time for you to get a Butler?
Jay Stephens – Lead Thought Provoker
Jay began his career in London with Rabobank, CLS bank and a Lloyd’s of London syndicate. Jay’s work has spanned corporate communications, content editing, newspaper articles, courseware, blogging, policy drafting, technical writing, and a regular crossword. He is passionate about 8-bit tunes, self-improvement, and the Oxford comma.