Revealing the cure for financial stress

It’s no secret that financial education is a good thing, especially in the current economic climate. However, the extent to which financial education can benefit consumers is not as well-known despite the fact that research shows basic financial literacy can not only improve a person's financial health, but it can improve their physical health as well. 

A recent study by the American Psychological Association found that money was a leading source of stress for respondents. In addition, a poll conducted by the Associated Press/AOL, comparing those with high levels of debt-stress to those with low levels of debt-stress, found the following:

  • Twenty-seven percent with high debt stress had ulcers or digestive tract problems, compared with eight percent with low debt-stress.
  • Forty-four percent with high debt-stress had headaches or migraines, compared with four percent with low debt-stress.
  • Twenty-three percent with high debt stress felt they were suffering from depression, compared with four percent with low debt-stress.
  • The heart attack rate of those with high debt-stress was double that of those with low debt stress.
  • Sixty-five percent more people with high debt-stress suffered from muscle tension or lower back pain than those with low debt-stress.

Luckily, there's good news! Research shows that financial education can help lower these stress levels by building confidence and shaping new, positive attitudes and behaviors toward money. According to MetLife’s Tenth Annual Study of Employee Benefits Trends, consumers who attend financial education training programs are 25 percent more likely to feel in control of their finances compared with those who have no financial education or training.

So don’t let financial concerns burden you any longer! Learn how to take control of your finances and build a solid financial future by utilizing MMI's exclusive financial education resources. You can also find a financial education workshop in your area, or register for a free financial webinar

If you're not sure where to start, you can contact a counselor 24 hours a day, seven days, for a free debt and budget assessment.  

Tanisha (Warner) Smith is a former communications manager at MMI.

  • The Consumer Federation of America (CFA) is an association of nonprofit consumer organizations that was established in 1968 to advance the consumer interest through research, advocacy, and education. Today, nearly 300 of these groups participate in the federation and govern it through their representatives on the organization's Board of Directors.
  • The National Council of Higher Education Resources (NCHER) is the nation’s oldest and largest higher education finance trade association. NCHER’s membership includes state, nonprofit, and for-profit higher education service organizations, including lenders, servicers, guaranty agencies, collection agencies, financial literacy providers, and schools, interested and involved in increasing college access and success. It assists its members in shaping policies governing federal and private student loan and state grant programs on behalf of students, parents, borrowers, and families.

  • Since 2007, the Homeownership Preservation Foundation (HPF) has served as a trusted, neutral source of information for more than eight million homeowners. They are partnered with, and endorsed by, numerous major government agencies, including the U.S. Department of Housing and Urban Development and the Department of the Treasury.

  • The mission of the U.S. Department of Housing and Urban Development (HUD) is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD works to strengthen the housing market in order to bolster the economy and protect consumers; meet the need for quality affordable rental homes; utilize housing as a platform for improving quality of life; and build inclusive and sustainable communities free from discrimination.

  • The Council on Accreditation (COA) is an international, independent, nonprofit, human service accrediting organization. Their mission is to partner with human service organizations worldwide to improve service delivery outcomes by developing, applying, and promoting accreditation standards.

  • The National Foundation for Credit Counseling® (NFCC®), founded in 1951, is the nation’s largest and longest-serving nonprofit financial counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior, and build capacity for its members to deliver the highest-quality financial education and counseling services.