Something Better Than a Sleeping Pill

This can help you get a better night’s rest

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Nearly a third of Americans — 62% — lose sleep at night over one or more financial worries, according to a survey by CreditCards.com.

The most common financial worry? Saving enough for retirement. Two in five Americans say this keeps them up at night at least occasionally. Those between the ages of 50 and 64 are the most concerned; half of them say they wake up fretting about their retirement savings — or lack thereof.

The second biggest concern is educational expenses. Half of those age 18 to 29 say they lose sleep worrying about how they’ll pay back student loans.

Of the remainder, 29% say they lose sleep because of medical and insurance bills, 27% worry about paying mortgages and 21% lose sleep over credit card debt.

On the other hand, the survey found that people sleep better as their age and household income increase. For example, less than half of those 65 or older lose sleep over any of the issues just mentioned, compared to 67% of those between the ages of 18 and 64.

As for income, 69% of those whose annual household income is below $75,000 admit to losing sleep over at least one of the foregoing issues, compared to 51% of those with incomes above $75,000.

If you want to sleep better at night, you can’t control your age, but you can control how much wealth you accumulate — by creating and sticking to a solid financial plan.

To develop a plan designed to increase your wealth and meet your family’s long-range goals, talk to an objective, fee-based financial advisor.

Originally published in Inside Personal Finance October 2015

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