New poll underscores the dominant role that finances play in Canadians' mental well-being
Among Canadian households, personal finances and bills (61.9%) are the most likely causes of stress, followed by work (46%) and family (33.3%), according to a new poll from Compare the Market Australia.
The survey also found that Canadian women are more likely to feel stressed because of finances (63.53%) compared to men (52.44%).
As for stress management strategies, Canadians resort to either reading, watching TV, or engaging in a hobby (27.5%), or exercise (25.1%). Another 10.4% said that they are not doing anything to manage their financial stress.
On the other end of the spectrum, 17.4% of respondents said that they “rarely” feel stressed, while another 6.2% said that they “never” feel stressed in their daily lives.
These results mirrored those of the latest Financial Stress Index by FP Canada, which found that 38% of Canadians consider finances as their most pressing concern, followed by health (21%), work (19%), and relationships (18%).
Nearly two in five Canadians (39%) said that they are less hopeful about their financial futures now compared to the year prior, while 35% admitted that financial stress is leading to anxiety, depression, or mental health issues.
“The 2022 survey found that the rising cost of living is leading to significant financial pressure on Canadians,” FP Canada said. “This is especially true of those who say the pandemic had an impact on their level of financial stress, those aged <55, and those earning <$75K annually.”
Financial concerns were found to be lowest among retired Canadians, at just 25% – compared to 41% among workers and 57% among unemployed individuals.
