More than half of Americans are losing sleep over their finances – with healthcare, expenses and saving for retirement among the biggest worries
- Bankrate survey found that more than half of all Americans cited money worries to be the cause of their sleeplessness
- Generation X, aged 24 – 54, made up the highest proportion of those losing sleep tallying 64 per cent, followed by millennials and baby boomers
- The top three reasons listed for the difficulties were everyday expenses, pension plans and healthcare
- Survey analyst Ted Rossman suggested breaking money concerns into ‘small, manageable chunks’ to reduce stress
A study has revealed that financial worries are causing more than 56 per cent of adult Americans to lose sleep.
Everyday expenses, saving for retirement and healthcare were the top three causes of sleeplessness, according to a Bankrate.com survey.
Other listed issues included paying off credit card debt, mortgage or rent repayments, education and last was stock market volatility.
It found that Generation X, people aged between 24 and 54, made up a whopping 64 per cent of those losing sleep – the highest proportion.
They were shortly followed by millennials, aged 23 – 38, with 58 per cent, and then baby boomers, aged 55 – 73, with 54 per cent.
From data conducted by Bankrate over the last four years, Gen X have been the least likely to gain ‘financial security’ and felt ‘more stressed’ out about money, compared with other generations.
It also revealed that while 63 per cent of those earning under $30,000 a year were worried by their finances, those earning $80,000 also shared money fears, with it affecting 53%.
The Bankrate survey shows that everyday expenses lead the main causes for finance related sleeplessness
Generation X are most affected by financial worries and have been for the last last four years according to Bankrate
Dr. Gail Saltz, a clinical associate professor of psychiatry, told the survey: ‘Sleep greatly impacts mental health and physical health, and mental health also impacts sleep.
Strategies for reducing financial worry
Raising cash by selling unused household items, clothes, toys, video games and more
Cutting expenses such as: taking public transport, planning a stay-cation, cutting subscription services and food deliveries
Taking an extra job to supplement your income
Source: Ted Rossman, survey analyst at Bankrate
‘Not getting enough sleep can impact mood, increase depression and increase anxiety.’
Survey analyst Ted Rossman suggested breaking money concerns into ‘small, manageable chunks’ to be the best approach to deal with the stress and sleeplessness.
‘Devising a plan and starting to execute against it – piece by piece – is the best way to get things done, Rossman said.
‘Simply getting started should help you begin to feel better and settle your racing mind. That holds true whether you’re worried about health, money, relationships, work or anything else.’
Other suggestions included: selling belongings, cutting expenditure or taking an extra job.
Another recent survey found that 34 per cent of Americans use a side hustle to ‘make ends meet’ and 30 percent funded regular living expenses with their second job.
More than 51% of Americans were found to be pessimistic about their ability to pay-off debt, as credit card rates were at a ‘record high.’
Rossman advised prioritizing interest your rate and ‘figure out how much you need to pay every month to knock out your debt within that time frame.’
The online survey found that 78 per cent of U.S. adults lay awake at night because of either their finances, personal relationships or other worries – citing a nine percent increase from last year.
Bankrate quizzed 2,500 adults between May 29 to 31.
Another surveyed question concluded that Americans were ‘somewhat pessimistic’ about paying off their credit card debt