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More Americans say they are living paycheck now than they did in 2023. Some of the main reasons include - Inflation - Lack of savings - Rising interest rates - Credit card debt - Medical or healthcare bills Do you feel more stressed about money now than you did last year? If you have any helpful words of wisdom around financial health and wellbeing, please share them! #financialhealth #mentalhealthawareness #money #stress CNBC Make It https://hubs.ly/Q02wCbCs0

Consumers are rethinking their savings habits—what does it mean for banks? As financial behaviors shift, it's crucial for bankers to adapt strategies and meet changing needs. Written by Plinqit CEO Kathleen Craig, read why understanding these trends is more important than ever. #BankingInsights #FinancialTrends #ConsumerBehavior

All that glitters is not gold when it comes to wealth. • 🚗 Many people flaunt expensive cars and vacations, but that doesn't mean they're wealthy. • 📉 Social media often creates financial pressure and insecurity, termed "money dysmorphia." • 💸 51% of people admit to overspending to impress others, leading to debt for 56% of these individuals. • 🏠 Even high-income earners often live paycheck to paycheck due to lifestyle inflation. #financialwellness #personalfinance #wealthmanagement • 📊 Studies show 62% of Gen Z feels pressured to keep up financially with their peers. • 💳 Borrowing money to maintain appearances can lead to unsustainable debt. • 📈 High-income earners are not immune to financial struggles, with half struggling to make ends meet. • 📲 Social media exacerbates the perception gap between actual and perceived wealth. https://lnkd.in/g2nKz9Xs

If you're feeling stressed about money, you're not alone. The uncertainty surrounding financial stability can lead to sleepless nights and a constant sense of unease. But here are some tips to help relieve the anxiety... #financialplanning #financialadvisor #retirementsavings #financialliteracy

If you're feeling stressed about money, you're not alone. The uncertainty surrounding financial stability can lead to sleepless nights and a constant sense of unease. But here are some tips to help relieve the anxiety... #financialplanning #financialadvisor #retirementsavings #financialliteracy

Ever wonder why most people struggle to break free from the paycheck-to-paycheck cycle? According to top financial experts, it’s not just about income—there are deeper issues at play. 🔎 Let's dive in: ➡️ Lack of Financial Literacy 🔹 According to Ramsey Solutions, many individuals simply don’t know how to properly manage their money. 🔹 Financial literacy is lacking, leading to poor decisions like overspending, lack of budgeting, and taking on debt they can’t handle. 🔹 Without understanding the basics, people can’t break the cycle. ✴️ When people don’t understand how to manage their money, they end up making short-term decisions (like taking on unnecessary debt) that make it harder to achieve long-term stability. ✴️ ➡️ Lifestyle Inflation 🔹 Anthony O'Neal, a personal finance expert, observes that many people are victims of lifestyle inflation. 🔹 When their income increases, so do their expenses. Instead of saving or investing extra income, they upgrade their lifestyle. 🔹 This keeps them in the paycheck-to-paycheck cycle, even as they earn more. ✴️ The problem isn’t always how much people make—it’s how much they spend. Without conscious effort to curb lifestyle inflation, more money doesn’t lead to stability. ✴️ ➡️ Living Beyond Their Means 🔹 Financial planner Sophia Bera, founder of Gen Y Planning, notes that a significant number of people live beyond their means, relying on credit cards to bridge the gap between their income and their spending. 🔹 This leads to a dangerous cycle of debt, where monthly payments take up the majority of their income, leaving little room to save. ✴️ Credit card debt and reliance on loans keep many people trapped. When monthly payments eat up your paycheck, it’s nearly impossible to get ahead, no matter how hard you work. ✴️ ❗ Most people aren’t stuck in the paycheck-to-paycheck cycle because they don’t earn enough. ❗ It’s a combination of financial illiteracy, lifestyle inflation, and reliance on debt. ❗ Understanding and addressing these factors is a key to breaking free. Self Reflect!...Which of these challenges is holding you back the most? Let’s talk about how you can break the cycle—drop your thoughts in the comments! Hope this helps! #finace #money #savings #debt #financialplanning #financialeducation #cashflow

Consumers’ Savings Habits Shift: Here’s Why Bankers Need To Pay Attention LINK: https://lnkd.in/ecbhk_3w #BankingAndFinanceNews #FinancialPayments Please LIKE & REPOST

Have you ever felt financially insecure or anxious, even when you're doing well? You might be experiencing "financial dysmorphia", a common struggle especially among younger Millennials and Gen-Z. The Today Show tapped National Debt Relief Financial Wellness Board Member Dasha Kennedy to explain this phenomenon and how you can keep your financial mindset in check. “The blurred lines between what’s real and what’s not often push many young people to chase after an unattainable image of financial success." #NationalDebtRelief #FinancialWellness #PersonalFinance

When it comes to financial bad habits, the most common are also well known — don’t spend too much, don’t take on too much debt, and avoid living paycheck to paycheck. Here are 5 overlooked financial bad habits that could be draining your bank account: https://hubs.la/Q02dX5FR0

"The 2024 Financial Health Pulse Trends Report highlights the growing financial vulnerability among middle-income households, particularly those with credit card debt." What do we need to do to make actual progress? Relentlessly focus on "The 4 Majors": 1. Build emergency savings 2. Know where their money goes each month (and make adjustments) 3. Have (and execute on) a debt destruction plan 4. Consistently save for retirement If you believe the 80/20 rule, these are the 20% of stressors that impact 80% of employees and cause 80% of their financial stress. Shout out to Andrew Lendnal for making me aware of this article in his post. https://lnkd.in/gm_PAMt5