Money is top stressor for Canadians amid high inflation, survey says

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TORONTO — A new survey has found that Canadians are feeling stressed from soaring inflation, particularly from higher grocery prices.

The FP Canada Financial Stress Index survey says that 38 per cent of respondents cite money as being the biggest source of stress for the fifth time in eight years, nearly twice as much as personal health, work or relationships.

More than two-thirds of Canadians say rising grocery prices are having a direct impact on their finance-related stress; 56 per cent say the same about soaring gas prices, followed closely by the impact of inflation on the cost of goods and services.

One in three say financial stress is leading to anxiety, depression or mental health challenges while 39 per cent report feeling less hopeful about their financial future now than they did a year ago.

The survey of 2,001 Canadians conducted by Leger also found that 45 per cent of Canadians between the ages of 18 and 34 say financial stress is hurting their mental health, compared with 31 per cent of Canadians 35 and up who share that opinion.

A majority of respondents (58 per cent) say the pandemic has contributed to financial stress, up from 45 per cent in 2021, while 39 per cent feel less hopeful about their financial future than they did a year ago.

“There’s no way around it — the combination of the prolonged pandemic, record-setting inflation and the growing cost of everything from a mortgage to a bag of milk is stressing Canadians out,” stated Kelly Ho, certified financial planner and Partner with DLD Financial Group Ltd. in Vancouver, B.C.

The survey also found that more respondents (44 per cent) say they’re tracking their expenses more than they did last year and 37 per cent say they’ve saved more money.

The online survey was completed between April 12 and 20 using Leger’s online panel. The polling industry’s professional body, the Canadian Research Insights Council, says online surveys cannot be assigned a margin of error.

 

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