The Sweet Dreams of Savers: How Regular Saving Habits Improve Sleep and Well-Being
To sleep well is to save well
Individuals who consistently set aside money, even if it's a small amount, tend to experience better quality sleep compared to those who do not save as indicated by researchers. The stress of managing finances can disrupt sleep, but recent studies propose a remedy: depositing funds into a savings account each month, regardless the sum.
A recent study from the University of Bristol's personal finance research center in England reveals that individuals who save regularly enjoy improved sleep quality and are more likely to feel at ease. According to Susan Allen, the CEO of the Yorkshire Building Society, regular savers exhibit higher levels of optimism, life satisfaction, and better sleep quality.
The research suggests that saving money reduces financial anxiety and enhances overall well-being. Essentially, having savings to cover unexpected expenses alleviates worries, providing a sense of security and peace of mind. Establishing a savings habit is crucial to reap these benefits.
To support these findings, the Bristol center analyzed data from a long-term UK study called Understanding Society, spanning over a decade. The study emphasizes that the amount saved is not the sole determining factor. Even saving modest amounts can be fulfilling, regardless of financial capacity.
Among non-savers, only 72% report good sleep quality, whereas this figure rises to 78% for those who save regularly, irrespective of the amount saved. The report also highlights that low-income individuals who save consistently exhibit similar life satisfaction levels to higher-income individuals who do not save.
While saving larger sums appears to have a more significant impact, saving any amount is beneficial. People in various financial situations have diverse reasons to save, from preparing for emergencies to achieving long-term goals like homeownership or retirement. In the US, high-yield savings accounts and other tools are yielding substantial returns due to the Federal Reserve's high interest rates. Investing in the stock market can be volatile, but individuals with long-term objectives should explore investment options alongside savings accounts.
Consistency in saving is key to success, and evidently, it can also contribute to better sleep quality.
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