How Can We Know Our Clients’ Financial Stress?

This study introduced a new, multidimensional financial stress scale and its relevance with clients’ personalities. It is a combined process of financial stressors and financial behavioral responses that includes psychological and physiological reactions. In addition, these reactions can be observed in diverse dimensions, including social relationships, and psychological and physiological responses. By understanding the complexity of financial stress, financial planners can adopt a more professional attitude with their clients. Four possible clusters of clients were demonstrated based on their level of financial stress and personality. Financial planners who are aware of these four clusters can identify their clients’ level of financial stress based on observations of their personalities. This will help planners tailor their services and approaches to clients’ individual differences, and enable them to assess the level of financial stress both directly and indirectly.