One of the key benefits of financial planning is to remove financial stress.
By knowing how much you have and how much you can spend, and having a high degree of confidence you won’t run out of money before you run out of life, the worries that often come with money issues tend to evaporate.
Some exciting new research has found that lots of us are putting off significant life milestones, due to the stress it can cause.
The research by Halifax found that 39% of people haven’t pursued significant life milestones because it would be too stressful.
These significant milestones include changing jobs, moving to a new home, getting married, or starting a family.
Nearly a quarter of those surveyed said they found their finances the most stressful element of day to day living.
Other stressors in life include work, family problems, delays to transport, and hectic schedules; but money worries eclipsed all of these.
One solution to these money stresses, presented by Halifax as part of the research, is the use of technology.
Almost four in five of those surveyed said they felt technology is making their lives more relaxed and less stressful.
From a personal finance and banking perspective, it was easy to use and increased app functionality, money advice on financial products and investments, and simplifying cheque deposits, that was cited as the main benefits of technology for reducing stress.
More than 40% of people said they mostly expect their bank to provide simplicity for its customers, with transparency and fast service, advice and innovation also expected.
Russell Galley, Managing Director, Halifax said:
The way we do our banking is evolving but our life goals remain unchanged – and by making banking more straightforward we can help ease customers’ financial stress.
We want to encourage people to talk to us about their financial issues, helping them avoid unnecessary worry, whether that’s with day to day banking or saving for future important milestones such as getting married, moving house or planning a holiday.
If worries about money are causing you to delay big life milestones, then speak to me in the first instance.
The financial planning process is specifically designed to help remove worries about money, building a clear picture of the future and allowing you to make important life decisions with ease.
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