A recent Straits Times article (“More finding it hard to pay credit card debt”, 24 Sept 2013) reports a rise in the proportion of individuals who had not made a minimum payment of their credit card bill in two months. Housing loans have also been on a steady incline over the last three years, according to an Economist article (“The perils of a gilded age”, 3 August 2013) which cites figures from the Credit Bureau.
Financial stress impacts workplace productivity: Employees burdened with personal financial problems spend time which could otherwise be better spent on work responsibilities solving these problems. It’s not only a question of 1) assessing one’s financial situation and 2) managing available resources, in order to 3) set goals such as setting side a proportion of income for savings and investment – the three steps outlined in the local online financial education programme at http://www.moneysense.gov.sg.
But it’s also a question of setting aside time and making it a priority as part of self-care. As Irving (2012) points out, engaging in positive financial behaviours contributes to life satisfaction and psychological wellbeing. Time spent on financial planning is time well spent!