Nearly half of Canadians have lost sleep over financial stress, especially young people: survey

As the nation grapples with rising residing prices and inflation, a brand new report reveals that for the sixth consecutive 12 months, cash stays the first supply of stress for Canadians, notably for youthful Canadians.

According to a survey carried out by Leger on behalf of FP Canada, nearly half of younger Canadians (49 per cent) aged between 18 and 34 are essentially the most careworn about cash whereas 46 per cent of have encountered psychological well being challenges in consequence.

On the opposite hand, Canadians aged 65 and above say they expertise comparatively decrease ranges of money-related stress in comparison with different age teams, with 28 p.c reporting monetary stress.

However, the survey findings point out that money-related considerations will not be restricted to youthful Canadians alone. In reality, 40 p.c of over the two,000 Canadians surveyed expressed important money-related stress and considerations in 2023. This represents a two per cent enhance in comparison with 2022.

The survey highlights the widespread impression of monetary challenges on the general well-being of Canadians and {that a} substantial portion of Canadians (36 per cent) skilled the unfavourable impacts together with anxiousness, despair, and psychological well being challenges of monetary stress.

Nearly half of Canadians (48 per cent) stated they’ve misplaced sleep on account of monetary worries in 2023. This marks a 5 per cent enhance in comparison with 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 stated in a press launch.

The survey additionally discovered 48 per cent of Canadians have much less disposable earnings in comparison with a 12 months in the past, a considerable enhance from 2022 (39 per cent).

Furthermore, 35 per of Canadians stated that they’re struggling to economize for retirement whereas 32 per cent stated they’re experiencing the identical with saving for a significant buy. The proportion is increased (50 per cent) amongst Canadians aged 18-34.

The survey additionally discovered that Canadians who work with a monetary planner are much less susceptible to money-related stress in comparison with those that don’t work by 31 per cent and 40 per cent respectively.

Likewise, 38 p.c of people who work with a monetary planner reported dropping sleep over monetary considerations, in comparison with the next proportion of 49 p.c amongst those that don’t search skilled monetary steering.

According to the survey, one in 4 Canadians who use a monetary planner reported they don’t have any monetary regrets, in comparison with 17 per cent who don’t have a monetary planner.

METHODOLOGY

This survey was carried out on-line involving 2,004 Canadian between March 29 and April 7, 2023 utilizing Leger’s on-line panel. The outcomes are thought of correct inside plus or minus 2.2 proportion factors, 19 occasions out of 20.

Reporting for this story was paid for by The Afghan Journalists in Residence Project funded by Meta.