6 Financial Fears and How To Face Them, According to Financial Activist Dasha Kennedy
Written by
Laura Beck
Edited by
Jenna Klaverweiden
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Money fears keeping you up at night? You’re not alone. Many people worry about their finances on a regular basis. Financial activist Dasha Kennedy broke down some common financial anxieties and offered real talk about how to face them head-on.
Here are six common money fears Kennedy discussed and how to flip the script on what’s really possible.
Also see the five greatest fears the middle class has about retirement — and what you can do about them.
Retirement Savings Paralysis
“Many worry they won’t have enough saved for retirement,” Kennedy said. In fact, an AARP survey from earlier this year found that 1 in 5 Americans aged 50 and older had nothing saved for retirement and over half worry they won’t have enough savings to last throughout retirement.
But here’s the reality check we all need: Starting to save — even a little at a time — can make a significant difference.
As Kennedy advised, it’s never too late to take the first step, whether you’re 25 or 55.
The Debt Monster
With all of our financial responsibilities, it can sometimes feel like we’re drowning in debt. Kennedy offered a refreshing way to look at it: “The burden of debt can feel heavy, but breaking it down into manageable payments can help.”
So instead of seeing your debt as one massive mountain, think of it as a series of manageable hills. For example, the snowball method and the avalanche method are two common strategies people use to pay off debt, and each requires breaking debt down into smaller, more manageable payments rather than seeing it as one large sum.
Financial Independence Anxiety
A common fear is feeling like you’ll never stand on your own two financial feet. Kennedy suggested starting with “achievable goals, like saving a little each month or seeking job opportunities that match your skills.”
In fact, according to Forbes, setting goals for your finances is the key to success. These goals can help you build wealth, provide a sense of purpose and keep your finances on track.
Baby steps still move you forward!
The Overwhelm Factor
When everything feels like too much, Kennedy recommended getting strategic. “Setting clear priorities can simplify your approach,” she advised.
Pick your most pressing money matters and tackle those first. You don’t have to solve everything at once.
The Comparison Trap
Worried about what others think of your financial choices? You’re not alone. But Kennedy reminded her followers that “most people are focused on their own journeys.”
As reported by the Wharton Neuroscience Initiative, social comparison can majorly influence people’s perception of well-being. “Even factors such as how rich your neighbors are … can affect your satisfaction with your own performance,” it stated.
Your financial path is yours — there’s no reason to measure it against anyone else’s.
Fear of Asking for Help
This might be the biggest one of all. Many of us are set in our ways and resist the thought of being vulnerable in front of other people. “Asking for help can feel intimidating but can lead to valuable support,” Kennedy said.
Whether it’s a financial advisor, credit counselor or friend who’s good with money, reaching out for help is a major sign of strength, not weakness.
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