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📂 Category: Personal Finance
💡 Here’s what you’ll learn:
Key takeaways
- A new poll shows that Americans think about their finances for four hours every day.
- The survey indicates that younger generations think about financial matters more than older people, while more than half of the survey participants said that they focus on inflation and bills.
- More than a third of those surveyed said financial worries affect their sleep.
Americans spend nearly four hours a day thinking about money, and that’s nearly half of a typical workday spent focusing on finances, according to a new study by Empower. The survey reveals that money is a top concern, especially for younger generations like Gen Z and Millennials, where topics like inflation and meeting their needs are top of mind.
But this does not mean that Americans are sitting idly by and tense.
“Here’s the silver lining: we’re seeing a real shift from passive anxiety to proactive behavior,” Rebecca Rickert, head of consumer insights at Empower, said in the report. “People are excited. They’re looking for tools, information and advice to turn that energy into progress.”
Young Americans are losing sleep over money
According to a new survey of about 2,200 people, Americans think about money for less than four hours on average each day. These numbers were higher for younger generations, with Gen Z and Millennials thinking about money 4.8 and 4.7 hours a day, respectively. This compares to 3.7 hours per day for Generation X and only 2.4 hours per day for baby boomers.
More than half of respondents said they think about money more than they did a year ago, and 55% said they specifically think about their retirement at least once a week, while 27% think about it every day.
More than a third said financial worries affect their sleep, while nearly half (47% and 45% respectively) said having a higher income or lower cost of living would alleviate at least some of their financial worries.
Bills, inflation, and financial stress push Americans to take control of their finances
Americans don’t think about money just to get it; they focus on real, immediate concerns. More than half of Americans said they think about paying bills and rising prices every day, making those two of the most consuming financial concerns on people’s minds.
However, Americans aren’t just worried about their bills: 41% said they feel reliable financial information helps them make smarter decisions, and nearly a fifth said they search for financial news several times a week.
A third also said conversations with financial advisers help them clarify their financial goals, with 47% saying they are confident they will reach those goals.
A third of respondents said they often think about ways to grow their wealth, while 40% of millennials said they are actively working to improve their finances.
About 20% said they had significantly improved their credit scores, while another 20% said they had paid off at least one major debt.
Many people are cutting or reducing costs by eating out less (53%) or canceling subscriptions (33%).
Americans’ near-obsessive obsession with money—they spend four hours a day thinking about financial matters—reflects the increasing financial pressures in today’s economy. While younger Americans bear the brunt of financial worries, including sleepless nights, they are also the most likely to turn that worry into positive action.
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