As the country grapples with rising living costs and inflation, a new report reveals that for the sixth consecutive year, money remains the primary source of stress for Canadians, particularly for younger Canadians.
According to a survey conducted by Leger on behalf of FP Canada, almost half of young Canadians (49 per cent) aged between 18 and 34 are the most stressed about money while 46 per cent of have encountered mental health challenges as a result.
On the other hand, Canadians aged 65 and above say they experience relatively lower levels of money-related stress compared to other age groups, with 28 percent reporting financial stress.
However, the survey findings indicate that money-related concerns are not limited to younger Canadians alone. In fact, 40 percent of over the 2,000 Canadians surveyed expressed significant money-related stress and concerns in 2023. This represents a two per cent increase compared to 2022.
The survey highlights the widespread impact of financial challenges on the overall well-being of Canadians and that a substantial portion of Canadians (36 per cent) experienced the negative impacts including anxiety, depression, and mental health challenges of financial stress.
Nearly half of Canadians (48 per cent) said they have lost sleep due to financial worries in 2023. This marks a five per cent increase compared to 2022.
“Canadians continue to struggle with their financial picture, and financial stress can have a significant impact not only on financial well-being, but also on mental health,” FP Canada president & CEO Tashia Batstone said in a press release.
The survey also found 48 per cent of Canadians have less disposable income compared to a year ago, a substantial increase from 2022 (39 per cent).
Furthermore, 35 per of Canadians said that they are struggling to save money for retirement while 32 per cent said they’re experiencing the same with saving for a major purchase. The proportion is higher (50 per cent) among Canadians aged 18-34.
The survey also found that Canadians who work with a financial planner are less prone to money-related stress compared to those who don’t work by 31 per cent and 40 per cent respectively.
Likewise, 38 percent of individuals who work with a financial planner reported losing sleep over financial concerns, compared to a higher percentage of 49 percent among those who do not seek professional financial guidance.
According to the survey, one in four Canadians who use a financial planner reported they don’t have any financial regrets, compared to 17 per cent who don’t have a financial planner.
METHODOLOGY
This survey was conducted online involving 2,004 Canadian between March 29 and April 7, 2023 using Leger’s online panel. The results are considered accurate within plus or minus 2.2 percentage points, 19 times out of 20.
Reporting for this story was paid for through The Afghan Journalists in Residence Project funded by Meta.
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