Working With a Financial Planner Helps Investors Sleep Better at Night, New Study Finds

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Do you have trouble sleeping at night? Tired of counting sheep? You may want to hire a financial advisor. A new study has found that Americans who work with one tend to report lower levels of anxiety in their lives — and in turn, sleep better.

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The Northwestern Mutual 2022 Planning & Progress Study reported that 54% of American adults report feeling somewhat or very anxious about their finances.

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However, that number drops to 46% for adults who work with a financial advisor and 47% for those who identify as disciplined planners.

In terms of sleep quality, 81% of American adults who work with a financial adviser — and 76% who call themselves disciplined planners — say they sleep very well or fairly well, the study details.

There are also generational differences, as Gen X sleeps the most, with 62% saying they sleep very well or fairly well, compared to 72% of millennials surveyed and 71% of Gen X respondents. better, with 76% of the sample group reporting having few sleep problems.

Ted Rossman, senior industry analyst at CreditCards.com, told GOBankingRates that he thinks a lot of people are losing sleep over financial issues because they feel out of control and don’t know where to go. begin.

“But when you start moving in the right direction, it can provide instant relief, akin to that first breath of cool air conditioning when you walk indoors on a hot summer day,” Rossman said. “Whether you get this help from a finance professional, friend, family member, spouse, or some other way, it reminds me of that saying about how a long journey begins by a single step. Start working towards that debt repayment goal or that retirement savings goal or increasing your emergency savings or whatever bothers you. It won’t happen overnight, but momentum is important, and sometimes getting started is the hardest part.

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The study also found a correlation between people who identify as disciplined planners (and/or work with a financial advisor) and overall happiness. 87% of adults surveyed who work with a financial advisor (and 84% of people who said they practice self-discipline) say they are very, or at least somewhat, satisfied.

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To alleviate stress and anxiety, Rossman added, having a financial plan is very important.

“The state of financial literacy isn’t great in America – most Americans don’t get much (if any) financial education in school, and many don’t get much help with home. Money is a taboo subject in many families and groups of friends. This leads to feelings of insecurity, confusion and anxiety. Many people are ashamed of the way they handle money” , did he declare.

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About the Author

Yael Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She has also worked as a VP/Senior Content Writer for major New York-based financial firms, including New York Life and MSCI. Yael is now independent and most recently co-authored the book “Blockchain for Medical Research: Accelerating Trust in Healthcare”, with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in journalism from New York University and one in Russian studies from Toulouse-Jean Jaurès University, France.

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