A recent survey finds that 62% of Americans are losing sleep over at least one financial problem, and the most common worry? Retirement savings.
According to a 2015 CreditCards.com report, people are up counting sheep at night concerned about some serious money issues.
- The most common money fret is saving enough for retirement; two in five Americans say this keeps them up at night at least occasionally. People between the ages of 50 and 64 are the most concerned (50% said they fret about their retirement savings – or lack thereof – in the wee hours).
- The second-biggest concern is educational expenses. This time, it’s younger adults who are the most troubled. 50% of 18-29 year-olds are losing sleep worrying about how they’re going to pay for educational expenses (much higher than the 31% of the overall population who have this fear). Student loan repayment is a sincere, honest concern for young Americans. Trent Grinkmeyer had a great article recently for parents of young children with ways to save for their college education. It seems as if more parents had saved and prepared 20-25 years ago, there would be a lot more people sleeping well tonight.
- 29% of Americans are losing sleep because of healthcare/insurance bills, 27% because of their ability to pay the monthly mortgage/rent and 21% because of credit card debt.One thing that all of these concerns have in common is that they can be solved, or at least lessened, with proper planning. Working with a qualified financial advisor to assist your people with financial topics such as budgeting, debt reduction, and retirement readiness, can make the difference between a well-rested, alert workforce and groggy, stressed-out employee population.
Jamie Kertis, AIF®, QKA
Retirement Plan Specialist
Grinkmeyer Leonard Financial
1950 Stonegate Drive / Suite 275 /Birmingham, AL 35242
Office: 205.970.9088 / Toll-Free: 866.695.5162