What keeps you awake at night?
For many of us, it’s money worries that prompt sleepless nights.
New research has found that we are, on average, twice as likely to worry about money than we are to be content with our financial situation.
These money worries are leading to sleeping problems and distraction at work.
The survey of 2,000 UK adults found that the average person loses almost 22 hours of sleep each year, worrying about money issues.
These financial worries are also present during the daytime, with 15% saying they are distracted by money while driving and 24% struggling to concentrate at work.
Anxiety about money also causes relationship problems, with more than a quarter of respondents saying they have fallen out with their partner due to money.
16% of those surveyed said they are keeping financial secrets from their loved ones, including how much debt they have on credit cards.
The research from Paragon Bank found that almost a third of us feel anxious when we think about money, with just 13% feeling content.
Younger people appear to be most anxious about money matters, with 44% of 18 to 24-years-olds feeling anxious, compared to 9% feeling content.
We are most likely to worry about money while lying in bed, but for younger people, the worries most often manifest themselves when at work.
People in the 35 to 44-year-old age group are most likely to wake up in the middle of the night, worrying about money problems, losing an average of 36 hours of sleep each year.
Derek Sprawling, savings director at Paragon Bank, said:
“We know that the pandemic has had a devastating impact on people’s mental wellbeing, and our research shows that money worries are certainly contributing to this.
“The average person is thinking about their finances several times a day and often losing sleep over this.”
One of the most effective ways to reduce money worries is to talk about what is keeping you awake at night, or distracting you at work.