Do Financial Worries Keep You Up at Night?

22528727_sApproximately four in five respondents (79%) to the National Foundation for Credit Counseling‘s July poll admitted that their personal finances keep them awake at night. Coming in at a distant second, 13% of the respondents indicated that they sleep like a baby. The remaining choices were marital concerns, job security, and problems with the children; all of which had single digit responses.

In addition to the obvious credit problems resulting from overwhelming debt, financial concerns can wreck marriages, tear families apart, and can even put a person’s job in jeopardy due to being distracted while at work. Debt is like a dark cloud that follows a person 24 hours a day. They wake up with it, take it to work with them, and as the NFCC poll confirmed, they take it back to bed with them.

Gail Cunningham, the spokesperson for the NFCC, said there are two pieces of good news that can be gleaned from the poll. First of all, the respondents were able to identify the source of their distress, and secondly, they went to a reliable and trusted resource www.DebtAdvice.org for help. She said their next step should be to reach out to an NFCC member agency for customized and solution-oriented assistance.

If someone has financial concerns, they are not alone. The 2014 NFCC Financial Literacy Survey revealed that 71% of consumers, or roughly 179 million people, admitted to having personal finance worries with not enough savings, job issues, debt, and credit topping the list.

Financial planning is the most important aspect of buying a home. Without a proper budget set in place, people run the risk of foreclosure and bankruptcy. The NFCC found that 61% of respondents admit to not having any kind of budget in place. If this is you, it is highly recommended that you get your finances under control and plan out your budget before you make the move to purchase a home.

Here are the results of the NFCC’s July online poll:

What keeps you up at night?

A.    Financial worries = 79%
B.    Marital concerns = 2%
C.    Job security = 4%
D.    Problems with the children = 2%
E.    Nothing, I sleep like a baby = 13%

Note: The NFCCs July Financial Literacy Opinion Index was conducted via the homepage of the NFCC website (www.DebtAdvice.org) from July 131, 2014, and was answered by 2,148 individuals.

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