2 ASU experts share ways to get on top of your financial health
Money can be a top stressor for people. A 2022 survey found that the top sources of stress for American adults were the rise in the cost of everyday items due to inflation, supply chain issues and global uncertainty.
In 2023, total household debt rose to an average of $17.06 trillion and credit card balances reached $1.03 trillion.
But according to ASU finance experts, avoiding your finances can cause more stress and larger financial problems than addressing your relationship with money and developing a game plan to create healthy finances early on.
Clinical Assistant Professor Ives Machiz and Associate Teaching Professor Debra Radway teach finance courses at Arizona State Univerisity's W. P. Carey School of Business.
A practicing financial planner for more than 20 years, Machiz’s research focus is on the relationship between financial education and financial health.
Radway’s expertise encompasses financial planning and investment management, a topic she also teaches in the course Estate Planning Strategies through ASU Online. She guides students through personal estate plan evaluation and planning for a client’s objectives and wealth.
“We are often stressed by money when we feel our spending is out of control; the best way to minimize financial stress is to review your financial situation each year,” Radway said. “This allows you to take action if needed.”
Taking stock of your finances is the first step to starting a healthy relationship in how you approach money.
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