For the last few decades, many Americans have been offered or sought out physical wellness programs. Most have targeted issues like …only 20% work out, 20% smoke, 21% are obese and 35% have high blood sugar. During this time a silent epidemic has surpassed the physical ailments. One that, statistically speaking, is a financial Tsunami, and it is completely destroying the American worker.
The Silent Epidemic is a Stressed, Depressed and Financially overwhelmed individual or family. The stats are… 46% have excessive and increasing levels of stress, 67% are depressed, and a staggering 90% are becoming financially overwhelmed. The inability to easily track and budget expenses, overspending, and record setting debt are the main culprits. This equates to an insufficient amount of money to save or set aside for retirement.
If you are stressed, you are not as effective at work. If you miss too much work, your income or job is at risk. When you are depressed and financially overwhelmed your life and family suffer. Here are the facts and why….the average family now owes $120,000 of which over $10,000 is credit card debt. With just $5,000 at 18% interest, the minimum payment would take almost 40 years to pay off.
The average person has over a 50% chance they will have at least one legal or tax issue in their family this year alone. This will cause you to miss 57 hours of work. With a lack of resources and professional advice, the cost of these issues could range from $500 for a traffic ticket, $1000 for identity theft, $3000 for audit representation or collection defense, and up to $20,000 for a divorce all of which wipe out your savings. If you have little to no savings, it can create even more debt.
The mounting pressure has sent prescription drug use to an all time high. Stats show 66% of adults use
prescription drugs and almost half are an out of pocket expense. This can consume even more of your
potential savings or retirement dollars. To top it off, since 1980 the average return on most retirement plans offered by employers have reaped a dismal 2.7% net return after fees per year. Click here to read why