Many Americans admit to tossing and turning at night over their various worries, but a new Bankrate survey reveals that financial security may be one of the main culprits.
Fifty-six percent of adult Americans have lost sleep over at least one money issue, with nearly one in three losing sleep over everyday expenses.
Reasons Americans are losing sleep
Seventy-eight percent of U.S. adults are lying awake at night due to their finances, personal relationships and other worries. That’s an increase of 9 percent since Bankrate last conducted this survey in 2018.
According to the survey, money is one of the highest causes of sleep loss out of all issues surveyed. Americans say they’re losing the most sleep over everyday expenses, saving for retirement and healthcare.
Ted Rossman, industry analyst at Bankrate.com, suggests breaking up more worrisome issues into small, manageable chunks.
“Devising a plan and starting to execute against it – piece by piece – is the best way to get things done,” says Rossman. “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.”
Money worries by demographic
Generation X — those between the ages of 39 and 54 — make up 64 percent of those losing sleep at night over money issues. 58 percent of millennials (ages 23 to 38) and 54 percent of baby boomers (ages 55 to 73) are also affected.
Data as far back as 2015 shows Gen X is the least likely to gain financial security and most likely to report feeling stressed out about money compared to other generations.
The survey also found that lower earners are more affected by money worries compared to those with higher household incomes.
Sixty-three percent of those who earn under $30,000 per year are troubled by money worries compared to 53 percent of those who make $80,000 or more.
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