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According to a survey by Swedbank, more than a third (39%) of Lithuanians who are concerned about their personal financial situation report it daily. Worrying about finances is detrimental to your health, relationships with loved ones, and productivity at work.
According to the results of the survey, only one in every sixth resident of the country indicated that the financial situation does not stress them. They are said to be 7 percent completely satisfied with their finances. Lithuanian population.
According to the director of the bank’s Institute of Finance, Jūratė Cvilikienė, anxiety is often caused by the fact that people find it difficult to build up a financial reserve for contingencies. According to the survey, a quarter of respondents have difficulty saving, and the same number of people do not have the opportunity to accumulate stocks because they live “from one salary to another” and plan their income and expenses only for the following month.
“It is said that money does not bring happiness, but our research revealed a slightly different picture. Naturally, under the pressure of existing financial obligations and living without savings, people do not feel secure or worried about the future. The results of the study showed that only a very small part of the population can remain calm without having a single euro of savings or living permanently in debt, ”says J. Cvilikienė.
According to the specialist, the most anxious people they felt in the last six months were the coronavirus pandemic.
“People who did not have enough financial reserves were more concerned. At the same time, people saw and understood that it was necessary to do it,” says J. Cvilikienė.
Young people gnaw the most
The study found that younger residents (18-24 years old) experience financial stress more often than older residents. Up to two out of three in this age group admitted that money stresses them on a daily basis.
“Young people’s personal finances are often reminiscent of a vicious cycle. In this age group, people find their first permanent jobs and begin to live apart from their parents. As their income increases, so do costs that were not previously possible. they had: rent, transportation, food, entertainment, etc. ”, says the director of the bank’s Finance Institute.
Not only that, although young people are worried about finances, they are also more likely to spend money impulsively, in part one in two people under the age of 24.
According to J. Cvilikienė, it should be noted that financial stress decreases over the years and at least tortures the elderly population. Residents ages 35-44 and 65-75 feel better about their financial situation.
It affects relationships and productivity
Lithuanians are often seen as hardworking people, but this trait also has a downside. Up to 43 percent. Respondents in the country say that work is the most common cause of stress for them.
According to the financial expert, the causes of work and financial anxiety are closely linked. When people do not cope with personal finances, a negative attitude to the surrounding environment prevails, and in this case it becomes more difficult to focus on productive work and efficient performance of tasks.
At the same time, move on to personal relationships. According to the study, 30 percent. respondents say that concerns about their financial situation or that of their family negatively affect relationships with loved ones, and a fifth admit to having had financial disputes.
“Constantly experiencing situations where desires outweigh financial opportunities is truly an emotional challenge. Those who experience it say one in three respondents. And when desires take over in a moment of weakness and a person spends more than they can afford, the stress level increases even more, ”says J. Cvilikienė.
According to the specialist, people fight anxiety and stress in different ways. One of them is spending.
“It seems like a strange way to worry about spending money, but it happens. However, 64 percent. He says that at that time they are still trying not to spend money, ”says J. Cvilikienė.
They don’t talk about problems
Research has shown that people are quite aware of the negative effects of financial anxiety on mental and physical health, accounting for almost half of those populations, especially in larger cities.
However, according to the financial expert, in Lithuania even 23 percent. people don’t want to discuss finances with family, friends, or professional advisers. It points out that financial problems should not be ignored, but rather efforts should be made to address them immediately.
Research has shown that women are less likely to share financial problems with professionals and that men are more likely to turn to a bank or financial advisor. The specialist points out that it is necessary to talk about financial problems, even in the family, so that the children can see how to solve them.
“To help together with Vilnius Tech researchers, we created a financial literacy IQ test. By clarifying people’s habits of budgeting, planning finances, borrowing, and investing, we will be able to provide residents with information on where to push themselves. Also we will provide advice on how to start improving our personal finances right now, ”says J. Cvilikienė, director of the Bank’s Finance Institute.
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