If you’re feeling stressed about your finances, you’re not alone.
A recent report from FP Canada has found that money is the greatest cause of stress for Canadians.
According to the findings, 38 per cent of respondents said money was their biggest cause of stress, while 25 per cent said it was personal health, 21 per cent said it was work, and 16 per cent said it was their relationship—or lack thereof.
However, the report also found Canadians appear to stress about money less as they age. Of Canadians between the ages of 18 and 34, 44 per cent said money was their top concern, compared to just 25 per cent of Canadians ages 65 and over.
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Further, 35 per cent of people earning between $40,000 per year and $79,000 per year said money was their biggest cause for stress, which was nearly the same—34 per cent—for people who earn $80,000 per year or more.
As well, nearly half of respondents who earn less than $40,000 per year—49 per cent—said money was the biggest cause of stress in their life.
Moreover, the pandemic hasn’t helped those stressing about money; 40 per cent of respondents said the pandemic has had an impact on their financial stress levels, while 10 per cent said it has had a significant impact on their financial stress levels.
“This pandemic has added an extra layer of financial uncertainty for Canadians,” Kelley Keehn, author, personal finance educator and Consumer Advocate for FP Canada, said in a news release.
“As millions grapple with the repercussions of job loss, reduced hours and market volatility, it’s more important than ever to seek out expert assistance. A Certified Financial Planner® professional or Qualified Associate Financial Planner™ professional will support people in their journey to conquer financial stress and navigate this unprecedented situation,” she continued.
Based on the report’s findings, nearly half of Canadians are so stressed about money—49 per cent—that they’re lost sleep over it.
The report found that 55 per cent of young Canadians (under the age of 35) have lost sleep over financial stress compared to 46 per cent of Canadians ages 35 and over.
The report also found women are more likely to lose sleep over financial stress than men are—54 per cent of women said they had lost sleep due to stressing about money compared to 43 per cent of men.
Of those who said they are experiencing stress related to their finances, 18 per cent said it has caused health problems, 15 per cent said it has caused problems in their relationship, 14 per cent said it has resulted in a lack of productivity at work, 13 per cent said it has caused a rift among family members, and 10 per cent said it has resulted in mental health or substance abuse challenges.
“Money, health, relationships and work are deeply interconnected; stress in any one of those domains can compound problems in the others,” Moira Somers, a clinical neuropsychologist specializing in mental and financial well-being, said in the same release.
“The COVID-19 pandemic has increased financial strain in many households – especially for those who have lost their job in a sector that may not fully recover. It’s important to pivot and focus on actions that will restore financial well-being, such as developing or upgrading marketable skills. Taking proactive measures is a big step towards creating financial stability and confidence in the future,” she continued.