Canadians name money the top source of stress

According to the latest poll, money is the main source of stress among Canadians. As the cost of living keeps growing sharply, many are becoming more and more concerned about their financial wellbeing in the future.

The 2022 FP Canada Financial Stress Index shows that 4 in 10 respondents consider money their top stressor. Then follow issues with health (21%), job (19%) and relationships (18%).

The survey was conducted by Leger on behalf of FP Canada in April. It polled 2,001 Canadians. FP Canada is a national entity certifying professional financial planners.

Answering the question on what exact aspect of life has become significantly more expensive, 68% noted it was their grocery bill. The growing cost of food outpaced gas prices, housing, rental costs, and the cost of goods and services.

Such result appeared amid consumer prices hikes to the highest levels in 30 years. According to Statistics Canada, inflation was up by 6.8% in April annually, and May’s numbers are expected to be even higher.

In addition to it, the Bank of Canada has been raising its key lending rate in attempt to restrain the inflation, causing higher debt servicing costs and mortgage rates for many Canadians.

With such tight budgets, one in three Canadians said money stress has caused anxiety, depression or mental health issues, and younger respondents are impacted stronger than the older ones.

At the same time, the poll shows more people have started taking control over their finances, with 44% noting they are tracking their expenses, compared to only 34% reported a year earlier.