Money worries are keeping 65% of us from getting enough shut eye
You can bank on this: Money worries are keeping you up at night.
Nearly two in three Americans (65%) say they at least occasionally lose sleep because they’re worrying about a financial issue, according to a survey released Thursday by financial site CreditCards.com. That’s up nearly 10 percentage points from right before the recession and up from 62% last year.
The issue is particularly bad for millennials (71% have lost sleep over money recently) and Gen Xers (73%), while boomers are resting much easier (59%). Matt Schulz, CreditCards.com’s senior industry analyst, says this may be because millennials are still early in their careers and may not be earning enough to cover their bills, while many Gen Xers face both child-related costs and costs related to helping elderly parents.
The most common money worry keeping Americans up at night is affording health care or insurance bills — with 38% saying this is something they’ve lost sleep over recently. “People lose sleep when things feel out of control,” says Schulz.
It’s no wonder health care tops the list of financial concerns. One survey found that medical bills were the leading cause of bankruptcies in America. And even the insured can face astronomical healthcare costs. Insurance companies have been demanding consumers pay more out of pocket through higher deductibles and copays for years now, according to data from the Kaiser Family Foundation.
What can you do if money worries are keeping you up? Schulz says that there are a number of practical things to do during your daytime hours to calm financial fears. “Even small moves like making a budget, selling something of value or trimming expenses can make you feel empowered and help you sleep more peacefully at night,” he says.
At night, it’s important to make sure you create a calming environment, turning the lights down and staying away from electronics about an hour before bed are a good start.
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