more than 1 in 3 adults 35 now say they are worse off financially than a year ago the highest level since the question was first asked in 2014 by the federal reserve in its economic wellbeing of us households survey which was released in may and for the first time since the survey began in 2013 financial wellbeing fell among adults with at least a bachelor’s degree with 31 saying they were worse off this year than last up from 13 in 2021 and 10 in 2019 so what gives perhaps the biggest culprit is inflation the survey revealed among the things that weigh heavily on us adults survey respondents revealed that inflation 33 general needs 22 retirement and savings 13 housing 10 employment 9 medical cost 6s debt 5 and education costs 5 were among the top financial challenges but what exactly constitutes one’s financial wellbeing it’s subjective but pros have some thoughts “someone who is financially well off doesn’t necessarily need to be rich instead they just need to be able to afford necessities without resorting to zeroing out their bank account each month” says jacob channel lendingtree’s senior economist and says certified financial planner mark struthers at sona wealth advisors says it’s about “having a clear path forward even if a person has bad credit card debt and a low fico score even if they are not where they want to be if they have a plan and a clear path forward they will often have financial wellbeing” here’s how to boost your financial wellbeing according to pros looking for a new financial adviser this tool can match you to an adviser who meets your needs financial wellbeing encompasses several essential components stable income debt management savings and an emergency fund budgeting and financial planning and retirement planning says certified financial planner blaine thiederman at progress wealth management make plans to learn about and tackle each of those topics “knowledge and a plan are power the first step is to take the first step the budget and the emergency fund are the base of the financial pyramid start small and slowly get a plan together” says struthers make a budget that allows you to afford bills and save each month look at your budget if you have one and if not create one “assess your income and expenses identifying areas where adjustments can be made to optimize your financial resources ask yourself if you’re spending more than the following on each area of your life if you are you may need to either tighten your budget or increase your income” says thiederman then try to stick to that budget “it can often be easier said than done but try to keep your finances in check and make sure you’re not overspending that can really give you a lot of peace of mind when it comes to your finances remember you don’t necessarily need to be a pennypincher to be financially well off a little bit of splurging every now and then can be good for the soul that said wantonly throwing money around without any plan for your financial future is a good way to make yourself miserable if not in the present then in the future” says channel pros say you should have somewhere between 312 months of essential expenses in an emergency fund “allocate a portion of your income towards an emergency fund building a buffer against unforeseen circumstances” thiederman says making sure you have sufficient reserves will insulate you from outside noise says certified financial planner ted halpern at halpern financial “even loud noise like a recession or higher rates the reserve account is a critical piece and now people can earn high tax free yields for them too” says halpern see the highest savings account rates you can get here devote efforts to reduce and eliminate highinterest debt enhancing your financial stability “you should aim to pay off all debt except for your mortgage before saving life is unpredictable and it’s nice to do the futureyou a favor a pay off debt so whatever happens is easier to overcome” says thiederman if you feel overwhelmed by your finances you may want to engage with a qualified financial adviser who can provide tailored guidance to help you align your financial strategies with your goals explore diversified investment opportunities to mitigate risks and maximize potential returns “allocate your portfolio across various asset classes to potentially counterbalance the impact of inflation and focus on incomegenerating assets that offer consistent income streams such as dividendpaying stocks or bonds” says thiederman