More than 30% of people in the US find resetting passwords as stressful as retiring. This was the finding of password manager NordPass’ in-depth research on people’s password habits in the US and the UK.
The study found that 30% of people find resetting passwords to be hugely stressful. So stressful in fact, that it is comparable to the stress of retiring. 67% of respondents agreed that losing passwords is as stressful as dismissal or changing jobs.
Thought of Retirement is Stressful
It is no secret that the thought of retirement is stressful for many. A study conducted in 2018 found that 39% of small business owners say they are not confident they can retire. The research found the principle apprehension about retirement is due to financial reasons. Both small business owners and employees have concerns that they will not be financially prepared for retirement. The majority of respondents said being able to save more would increase their confidence about retirement.
The Difficulty of Password Management
Comparing losing passwords to the stress of retirement acutely shows the apprehension associated with having to reset passwords. NordPass’ study sheds light on why password management is so difficult. 66% of the survey’s respondents say it is because they have too many accounts to manage.
For small businesses, the research highlights the importance of having a robust password management system in place. Being able to manage passwords with ease and efficiency will help ease the burden of lost passwords among staff. With less stress to contend with, morale can be boosted among staff.
Chad Hammond, security expert at Nord Pass, spoke about the importance of having strong passwords for businesses.
“People tend to worry about financial accounts more. But it’s important to remember that if you use weak or repurposed passwords, it doesn’t matter which account gets hacked. In essence, all accounts become jeopardized,” said Hammond.
Weak Passwords and Cybercrime
Out of those surveyed for NordPass’ research, 22% had been victims of cybercrime. Out of the cybercrime victims, 57% consider themselves as being tech savvy. Despite considering themselves as tech savvy and having already fallen victim to cybercrime, there is still complacency around protecting accounts with strong passwords.
To help reduce stress among employees and keep accounts secure, a robust password management system should be set up. This was the key message highlighted by NordPass’ study.
NordPass Infographic on Password Management