Canadians are losing even more sleep over money this year than last as they continue to battle the soaring costs of living, says a new report by FP Canada.
Andrea Piacquadio
According to the findings of the 2023 Financial Stress Index, a national survey of 2,000+ Canadians conducted by Leger on behalf of FP Canada, money remains the top source of stress (40 per cent) – even more than personal health (23 per cent), relationships (17 per cent) and work (16 per cent) – for the sixth year. Results from this year’s Financial Stress Index also indicate financial-related stress has negatively impacted over half of the Canadian population, with one-in-three (36 per cent) Canadians experiencing mental health challenges such as anxiety or depression related to financial stress. Given this, it’s no surprise that more Canadians (48 per cent) are losing sleep over money this year compared to last year (43 per cent).
Tashia Batstone
“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,” said Tashia Batstone, President & CEO of FP Canada.
As Canadians struggle to afford groceries, gas and other goods and services, nearly half (48 per cent) have less disposable income compared to a year ago, a substantial increase from 2022 (39 per cent), said the report.
“Further, Canadians say they are struggling to save money. Saving enough for retirement (35 per cent) and saving for a major purchase (32 per cent) are two areas of growing concern. Younger generations are also more likely to feel the pinch, and Canadians aged 18-34 are the most concerned about saving for major purchases (50 per cent),” said FP Canada.
Mario Toneguzzi
(Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list)
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