What causes financial stress and how to prevent it?

Extract

[...] Some of the causes of financial stress are expounded below. The primary cause of financial strain is unemployment or lack of income at all. According to Garman & Forgue (2017), "the people who are most affected by this are the adults either seeking employment or earning an income that is lower than usual which is described as the minimum wage." There are always expenses in life, and without a steady source of decent income, it becomes increasingly hard to take care of everyday needs. [...]

[...] What causes financial stress and how to prevent it? Along the course of life, there are various problems that people face. These problems can be either personal or professional in nature. Whatever the nature of either of these problems is, they have adverse effects on the overall aspect of an individual's life. They affect the overall productivity, and if not addressed in time, they can have some enduring effects. While some of these problems are not as dire, at least steps should be taken to reduce their overall impact on life. [...]

[...] The problem of financial struggle affects many people in the society. That is especially in the developing countries where a majority of the people live below the poverty line, which implies they cannot afford to spend one dollar in a day. This situation is the highlight of financial struggle, and it is the tipping point for some people who feel overwhelmed by responsibility without the ability to take it. The highlighted problem affects people in different parts of the country, and it is a major cause for concern for the country's leadership (Diamond, 2012). [...]

[...] That facilitates proper decision making on the best family planning methods to use. It also ensures that families can raise children without adding unnecessary strain on a fixed financial plan. In addition to the above, employed people should register with social security fund organizations to ensure that they save for their retirement. According to Murdoch & Schneider (2017), good retirement plan ensures that once an individual retires, the money saved in the social fund can be quite substantial to the extent of guaranteeing financial stability even after retirement". [...]

[...] It leads to financial struggle in the short-term since it eats into the savings. Thirdly, the lack of proper family planning can also lead to financial stress. A family is one of the most critical elements of the society as a whole. The aspect of raising an entire family on minimum wage is not such an appealing prospect. Unfortunately, it is the situation that some adults are faced with when it comes to parenting. The environment is not right for the proper upbringing of a family. [...]