Barbara O'Neill, Ph.D., CFP®
Extension Specialist in Financial Resource Management
Rutgers Cooperative Extension
The words "resilience" and "resiliency" have been used frequently in conversation since the start of the mortgage meltdown and resulting financial crisis. In everyday language, resiliency is the ability to "roll with the punches" and carry on despite life's challenges and setbacks. Financial resilience is the ability to withstand life events that impact one's income and/or assets. Some financially stressful events, such as unemployment, divorce, disability, and health problems affect people individually. Others, such as recessions, stock market downturns, and acts of terrorism, affect society as a whole.
Research by Dr. Sharon Danes, a professor and Extension specialist at the University of Minnesota, found that there are five characteristics that enhance people's resilience in the face of life's changes and challenges. These five characteristics are being positive, focused, flexible, organized, and proactive:
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