The unemployment rate is at its lowest point in 49 years. Interest rates and inflation are low. But while the economy is doing well, consumers are concerned about their personal finances, and it’s keeping them up at night.
According to Marketwatch, a recent survey of American adults found that more than half are losing sleep because they’re worried about money. The number one reason consumers reported losing sleep was “everyday expenses,” at 32 percent. That worry was followed by saving enough for retirement (24 percent), health care and insurance bills (22 percent) and the ability to pay down credit-card debt (18 percent). When broken down by age, 64 percent of Generation X — consumers between 39 and 54 years old — said they were losing sleep over money worries. Millennials were the runner-up at 58 percent, followed by Boomers at 54 percent.
The good news from this study is that while Americans continue to lose precious hours of shuteye, the percentage of those counting sheep seems to be decreasing. In 2016, 62 percent of consumers said they were losing sleep due to financial worries. In this latest study, that number has dwindled to 56 percent.
If you find yourself losing sleep over money, it’s time to make a change. Comb through subscription services and cut the ones you don’t actually use. Use those savings to pad your emergency fund or pay down your credit card debt. Go through your house and sell items you no longer use and funnel that cash to your 401(k). Every little bit of extra money will help you get your sleep back on track.