Rising inflation has made people feel anxious. Here are ways to cope/ w Prof. Preston Cherry at CNBC
Many Americans feel anxious about money, especially when inflation is high, interest rates are rising and markets are whiplashing.More than 40% of U.S. adults said that money concerns have a negative impact on their mental health, according to a recent survey from Bankrate. Of those who said money took a toll, most cited feeling stressed, anxious and overwhelmed.“When individuals suffer money challenges or they’re working through money issues, there’s tremendous potential for stress,” said Mark Hamrick, senior economic analyst at Bankrate.
…How to manage anxiety
When faced with difficult financial environments, it’s important to consider what is within your control and what isn’t, according to Preston Cherry, a certified financial planner, certified financial therapist and founder of Concurrent Financial Planning in Green Bay, Wisconsin.
“We can’t control things like inflation, war, market cycles or economic cycles — those things are going to happen,” he said. “Uncertainty is certain.”
Knowing that can help people take some of the blame and shame for financial strife off themselves and better process what’s happening in the environment, he said.
“That allows thinking about what we can do about it to make it through,” he said.