In the current economic climate, people have plenty of financial concerns.
It appears that the biggest fear in this age of austerity is a prolonged recession.
A new survey for Financial Planning Week 2012 found that a prolonged recession is the biggest fear when it comes to the current state of the economy and how it impacts on their finances.
These worries are most prevalent in those aged 45 and over.
Just under one in three of 45–54 year olds and just over one in three of 55 and overs have described it as their main financial concern.
Rising unemployment is also a big concern, particularly for women where 17% said it was their biggest financial worry, compared to 11% of men.
Other financial concerns included taxation and rising price inflation.
Relatively few people questioned said they were worried about interest rates being higher in the future, which perhaps indicates an expectation of low interest rates for many more years.
A good way to reduce financial worries is to put in place a Financial Plan.
The Financial Planning process can help you to quantify any financial concerns before establishing a plan of action to address them.
We often find that constructing a Financial Plan for our clients helps them to reduce or entirely remove financial anxiety, allowing them to focus on what is truly important to them in life.
Photo credit: Flickr/Gerry Balding
