Updated: Nov 1, 2021
"Go to sleep...", "Go to sleep ...", "If you tired be quiet and go to sleep..." was reverberating in my mind, randomly, one Sunday evening. I have no idea why my brain was conjuring Ludacris, but it got me thinking, which is something I do way too much of. How does sleep or the lack thereof impact performance or mood - especially financially?
So, on a restless evening, I popped open my laptop, headed over to Google scholar, and started doing some research. Lo and behold, there were countless articles on sleep and sleep deprivation - 801,000 results, to be exact. The literature is clear: insufficient amounts of sleep can have disastrous effects on one's health. Impaired memory, irritability, reduction in impulse control, lack of alertness, and limited capacity to handle stress are just a few of the short-term effects. The long-term impact of sleep deprivation can lower our immunity response, increase our chances for high blood pressure and diabetes, and lead to a heart attack - Yikes.
Needless to say, Luda was on to something - LOL!
After reading a handful of articles, I wondered if any studies had been done on sleep quality and financial well-being. I came across one article that suggested that financial distress could cause people to sleep less. Hence, reason number one million and one why financial well-being is so important. Health is wealth. And, based on what we've come to learn about sleep and its impact on our bodies at present and in the future, we need to prioritize it, too.
I didn't, however, come across an article that looked at whether the relationship worked in the opposite direction. Does poor sleep lead to poor financial management? I have a suspicion that it does and will conduct some research with my college students to see if there is something to this line of thought. If sleep deprivation can cause irritability, memory impairment, and less control of our impulses, it just makes sense to me that it can negatively impact the way we manage money.
In the meantime, while I'm trying to figure this out, let me ask you a question:
Do you feel you do a better job of managing your finances when you get quality sleep?
Until next time, you have more power than you think. Own it - especially getting some sleep!