Money Worries Keeping Americans Up at Night
Are you worried about money? A lot of Americans are. According to a widely reported survey by CreditCards.com, 65% of Americans say they lose sleep over financial concerns. That comes in at just 4 points lower than in 2009, when, as CBS News put it, “the economy was a hot mess.”
Healthcare costs rank as the top concern, but having enough money to retire also keeps people up at night.
“For 37% of consumers, thinking about saving for retirement prepares you for sleep about as well as an espresso shot and a bucket of cold water in your face.”
Student loan debt also weighs heavily on many Americans. The number of people who reported losing sleep over school loans rose from 30% in 2016 to 34% this year. Unsurprisingly, younger millennials (ages 18-26) are more sleep deprived over student loans than any other group. As we reported recently, crushing student loan burden is one of the prime reasons for millennial failure to launch and that age group’s struggle to transition into adulthood.
Oddly, both the survey itself and CBS News blew right past the obvious question: why are Americans losing sleep over financial concerns at a rate not seen since the great recession when the economy is supposedly robust? CBS throws in an optimistic appraisal of the economy off the top in the second paragraph of its story.
“Even with the US economy rounding into shape, 65% of Americans say they lose sleep over financial concerns.”
In its analysis of the survey results CreditCard.com, also touts the strong economy, and glosses over growing concerns.
“It’s concerning that consumers don’t feel much better about their finances than they did during the Great Recession, despite low unemployment and steady wage growth. But we will likely always experience some level of financial anxiety, even if lawmakers call a truce on health care and find a way to bring student loan debt under control. And the US economy may be long overdue for another downturn, if not a return to the depths of the recession.”
Of course, it could be that the average American consumer recognizes that despite what the pundits keep saying, the economy isn’t all that great. Maybe they realize the stock market is a giant bubble, retail businesses are struggling, the auto industry is in trouble, the jobs being created aren’t good jobs, and the US government is on a fiscal road to hell. That’s enough to make anybody worry.
So, if you are losing sleep over money, what can you do? Obviously, you don’t have any control over Federal Reserve monetary policy, or what the US government does. But you can take control of your own finances. Creditcards.com senior analyst Matt Schulz said it’s important not to just ignore your anxiety, but take action to secure your financial future.
People hate when things are out of their control. Too often, people will bury their head in the sand and ignore an issue. Do something, even if it’s a small step. Small actions, added together, can help you feel more empowered and sleep better at night.”
One step you can take is to buy gold or silver. A SchiffGold Precious Metal Specialist can explain to you how investing in precious metals will help secure your financial future. That way you can sleep better at night. Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today.
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