Financial future a global concern

Even before the economic uncertainty caused by US President Donald Trump's tariffs last week, many people were already worried about their financial future.

Data from a 2024 Statista Consumer Insights survey shows that South Africa had the highest level of concern about their financial future, at 41%. This was followed by Canada (40%), Japan (39%), Mexico (38%), Brazil (37%), and the US (37%). Similar shares were also seen in Germany (35%) and the UK (34%), and lower proportions in France (28%), India (27%) and China (13%).

The current financial situation is a cause for concern for 77% of Americans, according to the "Mind over Money" survey conducted by Capital One and The Decision Lab, cited by cnbc.com at the end of January. According to the source, financial worries include a wide range of issues, from savings and retirement to buying a home or educating children.

The survey's key findings also show that 58% of Americans believe that finances control their lives, and 52% have difficulty controlling their money worries. Americans say they don't have enough money to retire (68%), to keep up with the cost of living (56%) and to manage debt (45%).

According to the analysis, the impact that financial stress has on Americans is felt in all aspects of life, with respondents saying they feel tired (43%), have difficulty concentrating at work (42%) and have trouble sleeping (41%). A quarter of respondents (25%) said that financial stress is affecting their relationships.

In this context, Andy Navarrete, executive vice president of external affairs at Capital One, urges those concerned to "think big first" of the situation, which includes long-term goals, such as saving for retirement or buying a house, but also short-term goals, such as travel.

"A big picture is less stressful because it is goal-oriented, while also being positive," says Navarrete, adding: "Only then do you think about how to get there."

• Over 50% of Canadians fear recession

Concerns about Trump's trade policies and their aggression have led more than half of Canadians to fear a recession, according to a recent Leger poll, cited by thestar.com. The survey also found that four in 10 people are worried about losing their jobs in the next 12 months, and about 40% say they are already living paycheck to paycheck.

In the new context, German research institutes also anticipate that the country's economy, the largest in Europe, will experience quasi-stagnation in 2025, after two years of recession. According to DIW, IFO, IFW, IWH and RWI, the growth of the German economy will be modest, at 0.1%, this year, compared to a 0.8% advance forecast in September. "In the short term, the new American customs policy and economic uncertainty are affecting the German economy," the institutes cited said.