1 in 3 Brits have sleepless nights due to money worries
YouGov research commissioned by Equifax reveals women worry more than men
According to YouGov research commissioned by credit information provider Equifax, 1 in 3 people can't sleep at night because they are worrying about money1.
Women are more likely to stay awake worrying about money (36%) compared to men (30%). And 25 to 34 year-olds appear to be the most likely to have sleepless nights because of financial concerns, at 45%. 35 to 44 year-olds are next in the league table of those who can't get a good night's sleep – at 40% – followed by 18-24 year olds at 39%. In contrast, only 20% 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%, with 57% of women worrying about this compared to 44% of men. Perhaps surprisingly, the next biggest worry was not being able to afford treats, such as holidays (43%). 41% worry about not being able to pay off loans and credit cards and just over a quarter (26%) 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% compared to the national average of 26%. Along with those living in the South West, 46% of those in Yorkshire and the Humber have been kept up about not being able their household utility bills, whilst 51% of people in East of England are worried about affording treats such as holidays.
Whilst the majority (57%) 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.
"It's important for consumers to take positive steps to manage their finances. Having a budget planner that they keep up to date throughout the year will give them a level of control that might help reduce the worries. Obtaining a copy of their credit report will also help individuals see an overview of their financial commitments, helping them to prioritise payments and close down any accounts they no longer need."
The Equifax Credit Report & Score is accessible for 30 days free simply by logging onto https://my.equifax.co.uk/. If customers do not cancel before the end of the 30-day free trial, the service will continue at £14.95 per month, giving them unlimited online access to their credit information and weekly alerts on any changes to their credit file. It also includes an online dispute facility to help them correct any errors on their credit file simply and quickly.ref1
1All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2044 adults. Fieldwork was undertaken from 8th-9th August 2017. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
Equifax Inc. (Equifax) is a global information solutions company that uses trusted unique data, innovative analytics, technology and industry expertise to power organizations and individuals around the world by transforming knowledge into insights that help make more informed business and personal decisions. The company organizes, assimilates and analyzes data on more than 820 million consumers and more than 91 million businesses worldwide, and its database includes employee data contributed from more than 7,100 employers
Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 9,900 employees worldwide.
Some noteworthy achievements for the company include: Named to the Top 100 American Banker FinTech Forward list (2015-2016); named a Top Technology Provider on the FinTech 100 list (2004-2016); named an InformationWeek Elite 100 Winner (2014-2015); named a Top Workplace by Atlanta Journal Constitution (2013-2017); named one of Fortune's World's Most Admired Companies (2011-2015); named one of Forbes' World's 100 Most Innovative Companies (2015-2017). For more information, visit www.equifax.com
Equifax Limited is one of the Equifax group companies based in the UK.
Equifax Limited is authorised and regulated by the Financial Conduct Authority.