According to YouGov research commissioned by credit information provider Equifax, 1 in 3 people can’t sleep at night because they are worrying about money.
Women are more likely to stay awake worrying about money (36 per cent) compared to men (30 per cent). And 25 to 34 year-olds appear to be the most likely to have sleepless nights because of financial concerns, at 45 per cent. 35 to 44 year-olds are next in the league table of those who can’t get a good night’s sleep – at 40 per cent – followed by 18-24 year olds at 39 per cent. In contrast, only 20 per cent of 55s and over are kept awake with money worries.
Among the money worries keeping those people up, not being able to pay unexpected bills was top of the list at 51 per cent, with 57 per cent of women worrying about this compared to 44 per cent of men. Perhaps surprisingly, the next biggest worry was not being able to afford treats, such as holidays (43 per cent). 41 per cent worry about not being able to pay off loans and credit cards and just over a quarter (26 per cent) worry about not being able to pay the mortgage or rent.
Those living in the South West who have had money problems stop them from getting a good night sleep worry most about not being able to pay their rent or mortgage, at 44 per cent compared to the national average of 26 per cent. Along with those living in the South West, 46 per cent of those in Yorkshire and the Humber have been kept up about not being able their household utility bills, whilst 51 per cent of people in East of England are worried about affording treats such as holidays.
Whilst the majority (57 per cent) of respondents said they get between six and eight hours’ sleep a night, 1 in 10 gets at least eight hours sleep.
With the aftermath of festive season spending on the horizon, Equifax is therefore urging consumers to keep a track of their spending with a budget planner – as well as regularly monitoring their credit report. “It seems that many people are stressed about money and it’s keeping them up at night”, said Lisa Hardstaff, credit information expert at Equifax. “From affording fundamental things such as the mortgage and rent, to paying off their credit cards, money worries can have a real impact on people’s health, especially if they can’t sleep.