A new survey from Bankrate shows that Americans are tossing and turning over money issues. But they’re doing it less than last year. Find out why.
And people are losing sleep – at least occasionally – about their financial issues, according to a new survey conducted by Bankrate in early June.
But fewer people are losing sleep over money problems when compared to a similar Bankrate study from last year (47% vs. 56%).
And women are more inclined to toss and turn over financials than men (79% vs. 70%) when there’s at least one common stressor, the survey revealed.
“In the context of the worst unemployment crisis since the Great Depression, it’s shocking the figures aren’t far worse,” said Ted Rossman, industry analyst for Bankrate and CreditCards.com.
Rossman added that government stimulus programs are helping, and many who are currently out of work seem confident they will soon return.
“It also helps that the economy was in good shape prior to the COVID-19 pandemic,” he said.
Money issue breakdown shows everyday expenses are at the top
The survey showed a variety of other issues are keeping Americans up at night:
- Twenty-three percent of survey respondents said everyday expenses are their biggest money issue, a figure that dropped from 32% last year.
- Saving enough money for retirement is also a concern, keeping 19% awake at night (down from 24% last year).
- Health care or insurance bills are a source of anxiety for 17%, (down from 22% last year).
- Paying the mortgage or rent keeps 14% of people awake (down from 18% last year).
- Paying credit card debt is a concern for 13% (down from 18% last year).
- Paying for educational expenses is a worry, but it dropped from 11% last year to 8% this year.
- Stock market volatility makes 6% anxious (up from 5% last year).
On average, Americans occasionally lose sleep over three of the issues above.
Other life issues are costing Americans sleep, too
Money problems aren’t the only things keeping Americans awake at night – their relationship (38%), their health (32%), work (24%), politics (21%), raising kids (15%), climate change (13%) and racial tensions (19%) are all contributing to a bad night’s rest as well.
When respondents were asked which one problem is costing them the most sleep, they answered a money issue 31% of the time (down from 38% last year), relationship 19% (down from 20%), health 13% (down from 15%) and work 11% (same as last year).
“I’m really surprised Americans are more upbeat this year than they were last year,” Rossman said.
Although we are experiencing some of the greatest societal, health and monetary challenges of our lifetimes, the survey showed consistent improvement from last year, he noted.
Optimism about resolving issues is waning
The study also showed that among those losing sleep, 59% are optimistic they’ll be able to resolve their top issue, a figure that dropped from 63% last year.
And 52% of those losing sleep said the pandemic has had a negative effect on their ability to resolve their No. 1 reason, while 39% said it hasn’t really changed things and 10% said it has had a positive impact.
Bankrate.com commissioned YouGov Plc to conduct the survey. All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,556 adults. The survey was conducted online from June 3-5, 2020.