It seems to run counter to what one would expect, given the economic devastation from the coronavirus pandemic, but a new Bankrate survey shows fewer Americans are losing sleep over money issues than a year ago.
Its survey of more than 2,500 U.S. adults between June 3 and June 5 found 47% report losing sleep, at least occasionally, about a money issue. That is down from 56% a year ago.
The ability to pay everyday expenses is the most commonly cited money worry, but it is down from 32% last year to 23% in Bankrate’s most recent survey.
“In the context of the worst unemployment crisis since the Great Depression, it is shocking the figures aren’t far worse,” said Ted Rossman, industry analyst for Bankrate.
“Government stimulus programs are helping, and many who are currently out of work seem confident they will soon return. It also helps that the economy was in good shape prior to the COVID-19 pandemic,” he said.
The survey indicates among those losing sleep, 59% are optimistic they will be able to resolve the top issue, down from 63% last year, and 39% said not much has changed either way.
Bankrate said saving enough money for retirement keeps 19% awake at night, down from 24% last year. Health care or insurance bills are a worry for 17%, down from 22%.
Stock market volatility is a worry for 6%, up from 5% last year.
“Right now we are experiencing some of the greatest societal, health and monetary challenges of our lifetimes. Yet in the face of all that, our survey found consistent improvement from last year,” Rossman said.
