Research Says Do This to Lower Your Financial Stress

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Hiring a financial professional can improve your finances. Read on to find out how. [[{“value”:”

Financial stress is normal for many Americans, with two-thirds saying they live paycheck to paycheck.

Even if you have enough money to cover your bills, the rising cost of housing and groceries over the past several years has left many Americans’ budgets under stress.

To alleviate some of those worries, a recent survey suggests that hiring a financial advisor could help.

74% of people felt less stressed using a financial advisor

An Edelman Financial Engines survey found that 74% of people say they feel less stressed about their finances because they work with a financial professional. And for those who have one, nearly two-thirds of people say they wished they’d hired their financial advisor sooner.

The biggest stressors for Americans right now are inflation, the economy, and personal finances.

Those results probably come as no surprise to you, considering Americans’ largest expenses have soared recently, including these major increases:

Median home prices are up 31% over the past four yearsRental prices are up 29% since the pandemicGrocery prices have jumped about 20% over the past four years

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How a financial planner can help you

Financial planners can’t make rising costs come down (wouldn’t that be nice!), but they can help steer you in the right financial direction. For example, the report said that most people hire an advisor for:

Retirement income planningDeveloping a financial planInvestment managementBudgetingDebt payoffTax guidance

A good financial planner will help you create a roadmap for your finances, helping you achieve predetermined goals.

For example, let’s say you need to get out of debt but don’t know where to start. A financial advisor can help you determine which debts to tackle first and how much you should pay toward them each month. They can also help you decide how to build an emergency fund to keep you from accumulating more debt.

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How to find the right financial advisor for you

There’s a lot of financial advice out there these days, and not all of it is good. One easy way to find a good financial planner is to search for one on the National Association of Personal Financial Planners (NAPFA) website.

There are two important reasons why you might want to start there.

1. You can search for fiduciary-only planners

A financial planner acting as a fiduciary means they’ve committed to acting in the best interest of their clients and not themselves. All of their recommendations will be focused on improving your finances, not theirs.

2. The financial planners have a fee-based structure

This means you’ll pay a flat fee for your services, like retirement planning or debt management, and your financial planner won’t try to sell you services or products you don’t need. Their fees can be anywhere between $100 to a few hundred dollars an hour. That may seem expensive, but keep in mind that you may only need to meet with your financial planner once or twice per year.

Talking with a financial planner is a great idea if you’re living paycheck to paycheck or are feeling unsure of how to get out of debt or start investing. Not only will you get a clear plan for improving your finances, but you’ll also feel a lot less stressed about them.

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