Two new studies suggest that your mental state – specifically being distracted and experiencing stress – can have a serious, negative impact on your finances.
Northwestern Mutual recently surveyed 1,000 Americans 25 and older to analyze their financial tenacity and self-discipline. Not surprisingly, the bulk of those polled admitted they were lagging in those areas.
According to the "Stick With It" study, three out of four Americans (74%) feel that today's fast-paced society makes it tougher for them to focus and remain on track when it came to achieving long-term goals.
If being distracted by today's demands – whether it's family obligations, friends on Facebook, work or even leisure activities – takes our focus off long-term objectives like saving for retirement, it's little wonder that the vast majority of Americans haven't saved enough for the future.
But even in a culture where everything around us is getting more immediate, the news isn't all bad.