Survey: Surprisingly fewer people lose sleep over money issues

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To say that 2020 has been a difficult year is an understatement. A global health pandemic, followed by recession and racial tensions, is the story of 2020 – a story that will not be long forgotten. And while this year’s impact has been difficult for many, the number of people losing sleep over money, health, and relationship issues is actually down from last year.

With unemployment rates at their worst since the Great Depression, it’s no surprise that 48% of American adults report losing sleep, at least occasionally, because of a money problem. The surprise of the latest Bankrate survey is that the number of people awake at night has fallen 8% from 56% just a year ago.

“I am really surprised that Americans are more optimistic this year than they were last year,” said Ted Rossman, industry analyst at Bankrate. “Right now, we are experiencing some of the biggest societal, health and monetary challenges of our lives. Yet in the face of all this, our survey revealed a steady improvement over last year. “

Top Reasons Americans Lose Sleep

When asked to curb the cause of their sleepless nights, 23% of American adults responded that money issues, primarily the ability to pay daily bills, were the number one reason. In 2019, 32% of those polled revealed that money issues weigh heavily on their minds.

Rossman says stimulus programs and rising unemployment, as well as the Small Business Paycheck Protection Program, could be responsible for the decline in the number of Americans who feel anxious.

“I think in the short term these efforts seem to be helping people and hopefully things improve or more help is on the way, but the data coming in suggests that the stimulus checks seemed to really help them. people pay their bills, ”Rossman said. .

Why Gen X Women Lose The Most Sleep

Across all categories studied, women are slightly more worried than men about relationships with friends, climate change, racial tensions, and child rearing, with 79% of women more likely to lose sleep over them. 70% of men. Whether organic or due to the number of women working in the hardest-hit industries, the Women’s Policy Research Institute reports that 58.8% of the 701,000 jobs lost from February to early April were held by women.

Money issues aside, relationships are the next major category that costs Americans sleep. Some 39% of those surveyed struggle with some type of relationship, whether it’s the inability to see loved ones and friends, or perhaps spending too much time with their partner.

Rossman explains that many Gen X women are sandwiched between caring for their children and their parents simultaneously. COVID-19 has pushed women to take on the role of parent, teacher and caregiver to aging parents while working from home or facing job loss. The combined pressures leave women stressed and unable to relax at night to refuel for the next day.

Slight drop in optimism

Despite the curve that 2020 has thrown many Americans, people are only slightly less optimistic than they were a year ago; 59% of those polled say they are optimistic about their ability to solve their main problems, up from 63% last year.

The coronavirus pandemic could be at the origin of this slight decrease in optimism. In fact, 52% of American adults who are currently losing sleep say the pandemic has negatively impacted their ability to resolve the root cause of their sleep loss. 39% say there hasn’t been a lot of change anyway, and 10% say it has had a positive impact.

“People worry about all kinds of things that are both inside and outside of their control, but one of the best things to do is figure out where to draw the line between what you can. and can’t control and come up with a plan, “says Rossman.” Whether you’re worried about your finances or your friends, developing a plan to improve your situation might help you feel better. ‘this is a daunting task that may not be resolved quickly, at least you have a plan in place and hopefully you are making progress.

Rossman suggests that if you don’t have a lot of savings and don’t have money coming in, paying down debt may not be your primary focus – and that’s okay. Your main priority should be to stay afloat during the crisis and to seek professional help if you need it.

Ask for help

If you’re having trouble paying your credit card bills on top of the rent or mortgage, seek help. Banks, credit card issuers and mortgage companies offer aid programs that can help you stay in good standing with your issuer in the short term and protect your credit score lasting effects.

Non-profit credit counseling

If overwhelming debt was an issue before COVID-19, it makes sense to start credit counseling to get and avoid going into debt. Most credit counseling services are non-profit organizations with certified and trained counselors who will discuss your financial situation and help you develop a personalized plan to help you with your money problems. Debt.org has a list of the best credit counseling agencies in the United States

Rossman says now is not the time to put extra pressure on yourself. “We always provide money management advice because we are a financial website, but now is the time to take care of your mental and emotional needs – realizing that most of what happens is out of our control. “

Methodology

Bankrate.com commissioned YouGov Plc to investigate. All figures, unless otherwise stated, are from YouGov Plc. The total sample size was 2,556 adults. Fieldwork was undertaken from June 3-5, 2020. The survey was conducted online and meets rigorous quality standards. It used a non-probability sample using both initial quotas during collection and then a downstream weighting scheme designed and proven to provide nationally representative results.

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