Counting dollars instead of sheep

The sinking U.S. economy is keeping more and more people from sinking into slumber. According to a new survey from ComPsych Corporation- a provider of employee assistance programs - 92 percent of workers surveyed reported that economic worries are keeping them up at night, leading some employers to increase efforts to reassure their employees in these tough economic times.

Let’s take a look at employee’s top concerns:

1. 30 percent were kept up by the rising cost of living. Even though gas prices have receded from the nearly $4 a gallon we saw in July and some indicators show that manufacturing costs are falling, consumers were scared stiff by this summer’s rising prices. In July, the Consumer Price Index increased 5.6 percent- the biggest jump in 17 years. That’s enough to keep anyone awake.

2. 29 percent reported worrying about their credit card debt. According to the government, Americans owe about $900 billion in credit card debt. That’s a staggering number, so much so that several groups including the Consumer Federation of America have suggested the Fed allow lenders to reduce consumer’s debt by as much as 40 percent.

3. 14 percent said they were concerned about making mortgage payments. According to the Mortgage Bankers Association, 4 million American homeowners were behind by at least one payment at the end of June and 500,000 were in the foreclosure process.

4. 13 percent were anxious about building retirement accounts. The tanking stock market has taken a toll on retirement plans. In the beginning of October, the government reported as much as $2 trillion had been lost due to market volatility. For Americans on the brink of retirement, that might mean putting in a few more years on the job.

There’s no question about it: the economy is scary right now. Even with the government’s proactive approach to helping struggling financial institutions, day-to-day finances are dominating people’s thoughts. While we’re likely to see some semblance of stability return to the markets, it might be long time before most Americans can again sleep soundly.

In fact, this holiday season you might be moved to revise some of your old favorites:

The employees were nestled all snug in their beds,
While visions of foreclosure danced in their heads.