As we say goodbye to the holidays and hello to a new decade, it comes as no surprise that money is the No. 1 driver of stress for many of us in the Midwest. That’s according to the inaugural Midwest Money Mindset Survey conducted by Huntington.
The survey found that 50% of participants cited money and finances as the top driver of stress, ahead of family and personal relationships, employment and health. The survey also dug into the reasons for that stress and found a silver lining: many people are taking steps to take control of their financial well-being. Take a look at these stats:
- Compared to a year ago, 68% of participants are either saving more money or the same amount.
- More than half of participants (56%) have a retirement account.
- Almost two-thirds of survey participants (64%) have established a “rainy day fund.”
Andy Harmening, senior executive vice president, Consumer and Business Banking director for Huntington, says personal finances don’t need to be overwhelming. He offers the simple ways to better understand and manage your personal finances in 2020 and beyond:
1.Look at the complete picture
Find out who you owe, interest rates, late fees and timing. Then determine how much is coming in and out each month and understand your investment opportunities and tax picture. Talk to your partner, dependents or other family members and get on the same page.