Feeling financial stress? Research says you're not alone

Presidential elections do more than determine who will be in office for the next four years. They also shape Americans' perceptions of the economy and can influence your financial decisions.

Prior to the 2024 election, Citizens surveyed 1,000 adults in the U.S. and found that:

• Nearly half (44%) experienced significant financial strain during that period.
• Parents are more likely to feel financial stress compared to those without children — 22% say they feel "massive" financial anxiety, more than double the amount of people without children.
• More than half (57%) said they delayed major financial decisions due to the presidential election cycle.
• Nearly three-quarters of adults (74%) would have felt more confident in their financial decisions if they had the guidance of a professional financial advisor.

The 2024 election may now be a distant memory, but financial stress remains a reality for many in the U.S — more than three-quarters of those surveyed said they felt more anxious about finances than before. Fortunately, you can make choices that could positively impact your finances regardless if it's an election year or not. Whether you're trying to put together a budget, make decisions about student loans, plan for your financial future or just feel stressed about your money in general, help is available.

Develop a solid financial plan

If you're among the 44% who felt significant financial strain, being proactive and developing a financial plan, or a road map that will guide your financial life, can help ease that stress. Just like your budget, your financial plan will evolve over time as your needs, goals and wants change.

While everyone's financial plan will look somewhat different, they all share some components:

• A budget
• A net worth statement
• Plan for debt repayment
• Retirement plan
• Emergency fund

Not sure where to get started? Our survey found that nearly three-quarters of adults (74%) would have felt more confident in their financial decisions if they had the guidance of a professional financial advisor. Seeking out a financial advisor can help you ease any money-related stress you're feeling. Whether you're concerned about debt payments, your retirement or money in general, a credit counselor or financial advisor can give you tailored advice based on your situation.

Fortunately, trusted advice and guidance is available to you, no matter where you are on your journey.

Create a budget

Nearly six out of 10 people said they delayed major financial decisions due to the uncertainty of the presidential election.

If you find yourself in a similar situation, where you need to postpone or slow down your finances, having a budget will help. Knowing how much money you have coming in and how much is outgoing can put your mind at ease and help you see if you're on track toward your financial goals. Your budget will guide you through a rocky patch and help you stay the course when you need to pay close attention to your spending. If you've never made a budget before, or if budgeting hasn't worked for you previously, the first step is to find a method that meets your needs and matches your style.

For example, if you want some flexibility, but also appreciate having a general plan, a 50/30/20 budget may be right for you. With this type of budget, half of your income goes to needs, 30% to wants and 20% to savings. What counts as a "want" is up to you.

Other budgeting methods focus on having you reach your savings goals by paying yourself first, keeping track of every penny you spend or using physical or virtual envelopes to divvy up your income.

The budget you choose today may not be the one that works for you in the future. As your needs change, adapt your budget to match.

Help your child with student loans

According to our survey, nearly one in four (22%) of parents said they felt "massive" financial anxiety prior to the 2024 election. For many, the cost of education contributes to this stress.

If your kid is headed off to college, student loans are likely part of the equation. As their parent, you want to do as much as possible to help them out. To get started, have your child look into all their options for financial aid — such as scholarships and grants — that usually don't need to be repaid.

Then, do a deeper dive into student loans together. Help them understand:

• The difference between federal and private loans
• How interest rates work
• Borrowing limits
• Repayment plan options

While you may be tempted to tap into your retirement savings to give your child a financial boost while they're in college, you can help them out in other ways without jeopardizing your future. Consider making monthly payments on their loans while your child is still in school, co-signing a private loan or even covering a portion of the payments once they graduate.

With a bit of research and knowledge, you can help your child get on the path to financial success before they earn their degree.

Manage financial stress

Financial uncertainty isn't the only thing weighing on people's minds. Our survey found that:

• Nearly a quarter (23%) felt unsure about the housing market
• 20% delayed funding their retirement accounts
• 15% put off finding a new job or changing careers

If you're among the many Americans feeling stressed about money right now, you can take action to put yourself at ease and feel more confident about the future. Creating a budget and a financial plan are just a few of the actions you can take to ease financial stress and strain.

Read more about the economic impact of U.S. presidential elections.