Source: Kate Adler | Dupe
I’ve never been the type to worry much about money, but lately, I’ve been holding onto every dollar for dear life. Can you blame me? Between rising bills and ongoing instability in the job market, the possibility of losing everything I’ve worked so hard for feels closer than ever. Unsurprisingly, I’m not the only one feeling the pressure. In fact, 63 percent of respondents in Northwestern Mutual’s Planning & Progress Study reported that money worries have kept them up at night.
Of course, stressing about money—especially in today’s economic climate—is nothing new. But for many women, those fears have evolved into something deeper: a persistent anxiety about ending up financially insecure. The phenomenon has become so widespread that it now has a name: “bag lady syndrome.”
To better understand bag lady syndrome, I spoke with financial expert Charlene Quaresma about the growing phenomenon. Ahead, she breaks down what bag lady syndrome is, what causes it, how it shows up in everyday life, and the steps you can take to overcome it.
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