Money continues to be the main cause of stress for Canadians, according to the 2023 Financial Stress Index. The survey, which polled over 2,000 Canadians, showed that money is still the top source of stress for the sixth year in a row, with 40% of respondents reporting it as their main concern. In comparison, only 23% of Canadians are worried about their personal health, while 17% are concerned about relationships, and 16% about work-related issues.
The survey also found that financial stress negatively impacts over half of the Canadian population, with one-in-three Canadians experiencing mental health challenges related to financial stress, such as anxiety or depression. Moreover, 48% of Canadians reported losing sleep over money this year, compared to 43% last year.
However, the survey also revealed that Canadians who work with a professional financial planner feel more optimistic about their financial future, with 59% of respondents feeling hopeful compared to 46% of those who do not use a financial planner. This highlights the value of financial planning in today's challenging economy, particularly for those who are struggling with financial stress.
Tashia Batstone, the President and CEO of FP Canada, emphasized the significance of financial planning, stating that it can help individuals regain control over their finances and reduce stress. Rising inflation remains a key challenge for Canadians, with the cost of goods and services, as well as elevated gas and grocery prices, contributing to financial stress.
Furthermore, Canadians are struggling to save money, particularly for retirement and major purchases. Younger generations are more concerned about saving for major purchases, with 50% of Canadians aged 18-34 feeling the pinch.
FP Canada is a national not-for-profit education, certification, and professional oversight organization working in the public interest
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