A recent survey conducted by Leger on behalf of FP Canada reveals that financial stress remains the primary source of anxiety for Canadians, with young Canadians aged 18 to 34 being the most affected. The survey shows that 49 percent of young Canadians experience significant stress related to money, and 46 percent have encountered mental health challenges as a result.
While older Canadians aged 65 and above report relatively lower levels of financial stress, with 28 percent expressing concern, the survey indicates that money-related worries are not limited to younger generations. In fact, 40 percent of the surveyed Canadians, across different age groups, experienced significant financial stress in 2023, a two percent increase compared to the previous year.
The survey highlights the impact of financial challenges on the overall well-being of Canadians, with 36 percent reporting negative impacts such as anxiety, depression, and mental health challenges due to financial stress. Additionally, 48 percent of Canadians admitted to losing sleep over financial worries, a five percent increase from the previous year.
FP Canada President & CEO Tashia Batstone emphasized the profound impact of financial stress on both financial well-being and mental health. The survey also revealed that 48 percent of Canadians have less disposable income compared to the previous year, and many are struggling to save for retirement and major purchases, particularly among the 18-34 age group.
However, the survey highlighted a positive correlation between working with a financial planner and reduced financial stress. Canadians who sought professional financial guidance were found to be 31 percent less prone to money-related stress and were less likely to lose sleep over financial concerns. Furthermore, one in four Canadians who worked with a financial planner reported having no financial regrets, compared to 17 percent of those who did not seek professional financial advice.