A Journal of People report
A CreditCards.com survey finds:
Two out of three Americans lose sleep at night thinking about their finances. Some 65% of those polled say they toss and turn in bed thanks to money worries, up from 62% the last two years and 56% from before the Financial Crisis 10 years ago.
The most common concern was the cost of health care and insurance, which kept 38% of participants awake into the night. Only 29% reported being worried about health care a year ago. The health care situation surrounding Obamacare and its Republican replacement seems have played a large role in shaping this unease.
Anxiety over retirement came in a close second, with 37% of respondents fretting over their golden years.
Educational expenses, which weighed most heavily on millennials for obvious reasons, kept 34% of respondents up.
Concerns about paying rent or making mortgage payments affected 26%.
Credit card bills, a problem for many for long, were least worrisome, with only 22% lying awake because of the bills.
Older Americans, perhaps because they tend to be a bit more financially secure than their younger counterparts, were least concerned about their personal economic condition. Younger individuals were significantly more likely to lose sleep over their money problems than older generation, with 73% of Gen Xers and 71% of millennials worrying about their finances at night, as opposed to 59% of Baby Boomers and 48% of the Silent Generation.
To sleep easier the survey found:
# 82% of respondents reported consciously taking action to help improve their financial situation;
# some 55% simply cut back on expenses while another 21% raised extra cash by selling something;
# 12% really took matters into their own hands by getting a second job; and
# 14% took out a new credit card to create some extra spending power and 13% took out a loan.