Concerns about money impact the daily lives of Brazilians, says research
Financial stress — emotional and psychological tension related to worries about money — is one of the factors that directly impact people’s well-being and can negatively affect their daily lives.
According to the most recent edition of the “X-Ray of the Brazilian Investor” report, released by Anbima, 52% of Brazilians gave the highest marks on the scale (between 8 and 10) when asked about how much concerns about expenses, lack of money and not paying bills are causes of stress.
In relation to mental health, 53% of respondents acknowledged that they feel constantly charged and under pressure due to spending, and 39% stated that they cannot sleep due to concerns about personal finances.
With the capacity to generate anxiety and depression disorders and impact people’s physical health, causing insomnia, headaches, hypertension, among other harms, financial stress can also negatively affect social relationships.
Still according to the research, when taking a social perspective, it is observed that this reality is even more latent in classes D/E. This is because 61% of this public said that they feel constantly charged and under pressure for their expenses, 54% recognized that they do not get a good night’s sleep due to financial concerns, 44% admitted to having disagreements at home due to financial problems, and 31% assumed that money has already been a reason for arguments with friends and family.
To give you an idea, the current debt scenario of Brazilians is worrying, with a contingent of close to 60 million people in this situation.
“In this way we are saying that around 30% of the population may be facing issues such as anxiety, stress, depression and problems in marital relationships”, points out Sicredi cooperative development consultant, Eber Ostemberg.
He adds that money-related problems are the second biggest cause of divorce in Brazil. “This clearly reflects the need to have a sustainable financial life, for a better quality of life”, he summarizes.
Financial sustainability
And how to achieve this healthy financial life and develop a good relationship with money? According to the consultant, the first step is to list monthly income and expenses, both fixed and variable, to have a complete view of the current situation and whether any habits need to be modified.
“This allows you to have a picture of your financial life and, from this, you can make the necessary decisions, be it financial reorganization, debt settlement or identifying expenses that are draining the budget or even, in a more positive, start or improve the financial reserve”, he exemplifies.
Therefore, establishing a monthly budget that is realistic and that considers individual needs and objectives is essential. Eber also highlights that creating an emergency fund, that is, a financial reserve, provides a safety net that reduces financial anxiety in times of need and unforeseen circumstances.
“An emergency fund is essential to have solid financial health, as the person is supported when facing financial challenges. The ideal is to save the equivalent of up to six months of expenses. The amount must be sufficient to cover expenses such as rent, essential bills, food and health”, he details.
Financial education plays a prominent role in this. Understanding basic concepts such as interest, inflation and investments can help in making decisions and establishing financial goals.
“Money is a real and important part of our daily lives and how we deal with it can have a positive or negative impact on our quality of life. This depends on our habits and our behavior in relation to money”, concludes the consultant.
*With information from consultancy
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