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Recession Spawns Vital New Industry - Financial Wellness
Date:2/19/2009

PHOENIX, Feb. 19 /PRNewswire/ -- Healthcare has always been a vital issue for Americans but the current financial crisis has created a booming new industry -- financial wellness. The two are far more closely related than people might think.

A recent study from Associated Press and AOL Health found that debt stress is a major contributor to health problems -- in fact 19% are more likely to have health problems, 20% more likely to have back pain and 29% more likely to experience migraines. Poor financial behaviors also have a major impact on family life. They lead to loss of housing, transportation, ability to obtain credit for needed goods and services, family arguments, heavy emotional stress, spouse and child abuse, and even divorce.

America is enduring its worst financial crisis since the 1930's. The tragedy is that nowhere at any level in formal education are people being taught how to develop sound financial habits. To illustrate the size of the problem Americans have in excess of $900 billion in credit card debt and almost 34 million cardholders don't pay balances off monthly, generating over $18 billion in penalties in 2007. Also, 40 percent regularly spend more than they earn. Almost 20 million mortgages are delinquent. The personal savings rate has declined to almost zero percent.

"Most people don't handle their money well. They pay high costs for this -- overspending, credit card debt, poor credit ratings, bankruptcies, low self-esteem, emotional conflicts, relationship problems, and many others. Without guidance they pay high costs in financial, emotional and spiritual conflicts. Such problems know no social or economic discrimination," states Ron Willingham.

"We are all sitting here blaming Wall Street, Washington and the banks. The truth is that we are all guilty by overspending, whether it's on mortgages, cars or whatever. And all the remedies out there simply address the effect
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SOURCE Ron Willingham
Copyright©2009 PR Newswire.
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