A recent poll found we Canadians spend about 15 hours every week worrying about our finances.
Results from Scotiabank’s fourth annual Worry Poll showed, on average, Canadians worry for about 31 days in total every year. One in five respondents expect their financial situation to get even worse over the next six months.
Since last year, the amount of time Canadians worry about money has jumped by five hours. The poll found 72 per cent are trying to find ways to stretch their dollar, while 73 per cent are highly concerned about the increasing cost of living.
Day-to-day expenses account for about 44 per cent of our anxiety, while 39 per cent of worry time goes to concerns about paying off debt. Thirty-eight per cent of the time is spent fretting about saving for emergencies
About a quarter of us are so stressed, we stay awake at night worrying about financial issues. Gen Z, Millennials, and Gen Xers are especially concerned about their finances, compared to Boomers.
“Canadians continue to feel the impact of higher prices on their wallets, and this is leading to more time spent worrying. For most Canadians, their income has not kept pace with the rising costs of what they buy, with groceries and gas continuing to be the biggest drivers of strain for households,” said Kingsley Chak, Senior Vice President, Deposits, Investments & Payments at Scotiabank. “With so much time spent worrying, Canadians can find peace of mind by speaking with a financial advisor who can help them achieve their financial goals. A simple conversation can alleviate worrisome questions about their financial future, and free up a substantial amount of time.”
