Money remains the biggest source of stress among Canadians, according to a new survey.
Released Thursday, FP Canada’s 2023 Financial Stress Index reveals that money is the top stressor for Canadians, with 40 per cent of people surveyed expressing it is their main source of stress, ahead of personal health, relationships and work — for the sixth year in a row.
And financial woes are taking a toll on people, impacting their quality of life and sleep.
The poll of more than 2,000 Canadians, conducted by Leger, found that 48 per cent of people have lost sleep and 36 per cent have experienced mental health challenges as a result of financial stress.
“This is a really important issue,” David Christianson, a certified financial planner at National Bank Financial Wealth Management, told CTVNews.ca in a phone interview.
“(Money) is causing a lot of people stress and anxiety and those things are causing long-term physical and mental damage to people, so it's important that this stuff gets addressed.”
Inflation’s impact on the costs of goods and services, along with high grocery and gas prices, are contributing to Canadians’ financial stress, the latest Financial Stress Index notes.
Nearly half of survey respondents — 48 per cent — said they have less disposable income compared to a year ago, marking a substantial increase from the 39 per cent of people who expressed that was the case in 2022.
“It's a stressful time financially. Prices have gone up significantly over the last 18 months,” Christianson said.
The survey also reveals that Canadians are struggling to save money, with 35 per cent of people expressing that saving enough for retirement and 32 per cent expressing that saving for a major purchase are areas of growing concern.
Young Canadians are especially concerned about saving for major purchases, with 50 per cent of people between the ages of 18 and 34 saying saving for major financial purchases is an area of concern for them.
Christianson also pointed out that many Canadians are in piles of debt, including those with lines of credit that come with variable interest rates who are having to pay "much, much higher rates of interest and much, much higher debt payments" than they were in years past.
“People really got in the habit of having almost free money. They had a good credit rating and collateral. And now that's not the case anymore,” he added.
Despite the challenging economic climate, Canadians should not lose hope, Christianson said, adding there are some steps people can take to address and minimize their financial stress.
The first step that people should take, he said, is to consult a financial planner that can help them navigate their money problems.
“The good news is that people who work regularly with a financial professional, especially a financial planner, have significantly lower levels of stress, fewer regrets about money and they have a more hopeful view of their financial futures,” Christianson said.
“Sit down with someone who can help give you perspective and help you say, ‘Am I making mistakes? No, things are just hard and they're gonna get better.’”
Reading books and listening to podcasts about financial literacy is another way that Christianson said people can learn to manage their finances in a more informed and responsible way.
He also recommends Canadians develop a spending plan that accounts for their fixed expenses like mortgage and rent, food, insurance, savings and disposable income that they can use to spend on things like entertainment and experiences that bring them joy.
“Track your spending for a few months and see where your money is really going. That information leads to clarity and the ability to make decisions,” Christianson said.
An online survey of 2,004 Canadians was completed between March 29 and April 7, 2023 using Leger’s online panel.
No margin of error can be associated with a non-probability sample like a web panel in this case. For comparative purposes, though, a probability sample of 2,001 respondents have a margin of error of ±2.2 per cent, 19 times out of 20.
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