Middle-class families who seek professional money help are less likely than other consumers to suffer a variety of health effects commonly associated with financial stress.
Recent findings of the First Command Financial Behaviors Index® reveal that 35 percent of middle-class Americans say they or someone in their household have experienced a general increase in stress during the economic troubles of the past year. But among those people who work with a financial planner, reports of stress fall 7 points to 28 percent.
“These findings offer fresh insight into our understanding of the connection between health and wealth,” said Scott Spiker, CEO of First Command Financial Services, Inc. “Finance-related stress is often associated with lower income. But our research reveals that money alone doesn’t tell the whole story. Even Americans with six-figure incomes are reporting problems with anxiety, sleep and related issues. One key to decreasing stress appears to be increasing control over your finances. And one obvious way take control is to seek help from a trusted financial professional, someone who can help you change your financial behaviors for the better.”
At a time of continuing economic unrest, money worries remain a critical issue for American families. Economic turmoil “can result in a whole host of negative health effects – both physical and mental,” according to the U.S. Dept. of Health and Human Services’ Substance Abuse & Mental Health Services Administration. “Although each of us is affected differently by economic troubles, these problems can add tremendous stress, which in turn can substantially increase the risk for developing such problems as depression, compulsive behaviors (over-eating, excessive gambling, spending, etc.) and substance abuse.”
The Index reveals that during the past year almost three quarters of middle-class families have experienced at least one mental or physical health issue commonly associated with financial stress. But significant differences exist between those with and without a financial planner regarding:
Interestingly, 26 percent of survey respondents said that they have put off doctor visits due to economic conditions – up from 15 percent in 2010. That number is considerably higher for consumers without a financial planner (30 percent versus 16 percent for those with a planner).
“Financial planners offer consumers a powerful cushion for a variety of physical and psychological issues that we commonly associate with financial worries and stress,” Spiker said. “People who put their trust in a financial coach are experiencing real benefits in both their physical and fiscal health.”
First Command Financial Services and its subsidiaries, including First Command Bank and First Command Financial Planning, assist American families in their efforts to build wealth, reduce debt and pursue their lifetime financial goals and dreams—focusing on consumer behavior as the first and most powerful determinant of results. Through knowledgeable advice and coaching of the financial behaviors conducive to success, First Command Financial Advisors have built trustworthy, lasting relationships with hundreds of thousands of client families since 1958. Compiled by Sentient Decision Science, Inc., the First Command Financial Behaviors Index® assesses trends among the American public’s financial behaviors, attitudes and intentions through a monthly survey of approximately 1,000 U.S. consumers aged 25 to 70 with annual household incomes of at least $50,000. Results are reported quarterly. The margin of error is +/- 3.1 percent with a 95 percent level of confidence. www.firstcommand.com/research Sentient Decision Science was commissioned by First Command to compile the Financial Behaviors Index®. SDS is a behavioral science and consumer psychology consulting firm with special vertical expertise within the financial services industry. SDS specializes in advanced research methods and statistical analysis of behavioral and attitudinal data. First Command Financial Services, Inc., is the parent of First Command Financial Planning, Inc. (Member SIPC, FINRA), First Command Insurance Services, Inc. and First Command Bank. Financial planning services and investment products, including securities, are offered by First Command Financial Planning, Inc. Insurance products and services are offered by First Command Insurance Services, Inc. in all states except Montana, where as required by law, insurance products and services are offered by First Command Financial Services, Inc. (a separate Montana domestic corporation). Banking products and services are offered by First Command Bank. Securities products are not FDIC insured, have no bank guarantee and may lose value. A financial plan, by itself, cannot assure that retirement or other financial goals will be met. In Europe, investment and insurance products and services are offered through First Command Europe Limited. First Command Europe Limited is a wholly owned subsidiary of First Command Financial Services, Inc. and is authorised and regulated by the Financial Services Authority. Certain products and services offered in the United States may not be available through First Command Europe Limited.