To the usual unknowns that the economy raises for us, on issues such as service bills, the family budget, taxes, pensions or mortgages, are added the doubts and challenges posed by the current turbulent times, which in some cases leads to the so-called “economic fear.”
“We can take the economic reins of our economy, face the issues that affect us daily, understand the crisis and avoid disaster, feeling safe and strong, without fear of making mistakes,” says José María Camarero, specialist in economic information.
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“‘Economic fear’ is the attitude that has permeated society after two almost consecutive crises, the economic ‘shock’ due to the stoppage of the pandemic, and the high inflation rates derived from the war in Ukraine,” says this specialist and author of the book Crisisphobia. Keys to surviving the economic apocalypse.
“This fear has invaded our daily lives to such an extent that we have become accustomed to living in uncertainty,” he says.
Today “nothing is clear about what the future will bring: the economy does not always grow without stopping and economic problems have become the usual trend,” he details.
For this reason, “the population must be prepared with their best weapons, training and economic information, to know how to act at all times, without feeling fear,” he adds.
For Camarero, the phobia of the economic crisis is rooted in the lack of financial training of citizens, and is amplified by the alarming messages they continually receive.
Furthermore, consider that many economic problems that we experience, daily or derived from the crisis, are magnified because we make decisions based on “the advice of someone we know”, instead of basing them on real economic knowledge, or on the advice of a professional, when The topic is complex and requires it.
Many lack minimal knowledge to manage an electricity bill, change a contract or know what type of commissions or interest their financial institution applies, and as “a result of this economic ignorance, they remain paralyzed and accept everything that comes to them without carefully analyzing it.” what it is about and what repercussions it will have on their pockets,” he says.
Another factor that fosters financial problems consists, according to him, “in managing our money by letting ourselves be guided by the advice of friends, family or co-workers.”
“We can pay attention to the examples they offer us to learn about other experiences, but not take them literally or as a guide,” he emphasizes.
Time to act
Regarding “economic fear”, he considers that its opposite pole would be “economic courage: that is, losing the fear of crises and facing the uncertainty that is yet to come with economic and personal confidence.”
“If we have the foundations to know how to act in our daily lives, we will be able to face any episode without holding back,” he promises.
“Crises are times to act, to make decisions that may turn out better or worse, but not to remain paralyzed and let others decide about our family finances,” he says.
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To increase our financial confidence and avoid scares, the specialist recommends “analyzing how our personal finances are going at least two or three times a week”, for example by reviewing the bank account, the receipts or charges that have been charged to us and the dates of expiration of contracts.
A first step to deactivate fear and control our personal or family economy is to monthlyize expenses, enabling formulas to charge us month by month for bills that we are usually charged once a year, to have a more general view of how much we earn. and we can spend, he points out.
2023-10-23 08:00:00
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