Can’t sleep? It could be money matters keeping you up at night.
A new United States study by
Intuit Inc. (Nasdaq: INTU) and
), makers of the leading personal finance management software, reveals that many Americans are stressed over personal finances – or lack thereof. Of those surveyed:
Knowledge Brings Peace of Mind
- 52 percent in the workforce fear being unable to retire by age 65.
- One in three admits to losing sleep over money woes.
- Nearly 20 percent hide their debt from others.
- 15 percent avoid opening bills because they know they won’t be able to pay.
The study also revealed that 72 percent of those surveyed are less stressed when they know where their money is going. Yet four out of five said they don’t use a personal financial management software program.
“Finding the money to pay bills, prepare for emergencies and look toward retirement may seem impossible, but knowing where your money is going is the first step to successful money management,” said Kristen Dillard, Quicken personal finance advocate. “We want to make it easy for people to make smart financial decisions so they can achieve financial peace of mind.”
The study also explored three leading causes of financial stress: credit card debt, unexpected emergencies and retirement.
Conquering Credit Card Mountain
Of those with credit card debt, one in five see their debt increasing. 43 percent are not paying down debt, owing as much as last year. As a result, many delay or postpone purchases or activities simply to stay afloat. A total of 24 percent said they skip vacations.
“The survey data clearly shows the burden of digging out of credit card debt prevents people from living how they want,” said Dillard. “Getting a quick and easy – and accurate – picture of spending frees them from stress, and helps them make better-informed decisions to get out of debt and plan for the life they want.”