Personal finances continue to be a leading cause of stress for many of us. A recent study found that nearly 9 in 10 Americans feel anxious about money due to the pandemic.
April is National Financial Literacy Month, which encourages individuals to boost their financial know-how when it comes to paying bills, managing debt, and saving money. Understanding how to handle money matters helps to relieve financial stress and increases your ability to make good financial decisions for you and your family.
Financial well-being is important to overall wellness
Financial stress occurs when there’s uncertainty around finances, a sense of worry about the future, or a lack of security. Like most types of stress, this can impact your sleep, physical and emotional health, relationships, performance at work, and family life.
Resources and support are available
The MHealthy website includes information, programs, and university and national resources to help support your financial well-being. Learn about:
- The basics of financial literacy
- Managing your money
- Managing your debt
- Understanding and improving your credit score
- Setting financial goals
The new MHealthy Portal, powered by Asset Health, also includes a number of programs and resources to support you and your family’s financial well-being.
TIAA and Fidelity Investments, U-M’s partners in its Basic Retirement Plan, are also offering a number of free webinars this month focused on saving for retirement, claiming social security, investment alternatives, and more.
If you have an immediate need
Services and programs are available to help you navigate a financial crisis:
- MHealthy’s confidential Resource Coach Program offers one-on-one help with finding U-M or community resources for meeting basic needs, finding food, navigating the American Rescue Plan Act of 2021, and more.
- The Emergency Hardship Program may be an option for faculty and staff facing a sudden and significant hardship.
- The university has compiled a collection of well-being programs, services and resources specific to the pandemic.