Financial stress is growing, but so is optimism. The data reveals that Canadians are valuing proactive financial management. Notably, those who work with financial professionals experience less financial stress, greater hope for their financial futures, and better resilience in navigating financial uncertainties.
Financial stress on the rise as external pressures persist
The 2024 Financial Stress Index highlights that money remains the top stressor for Canadians, with 44 percent citing it as their primary concern, up from 40 percent in 2023, and 38 percent in both 2022 and 2021.
Key contributors to this stress include high grocery prices (69 percent), inflation (60 percent), and housing costs (52 percent). These economic factors are significant hurdles in the current environment.
Financial stress affects Canadians’ mental health, with nearly half (49 percent) losing sleep over financial worries. More than half (54 percent) report negative impacts such as anxiety and depression (38 percent), decreased workplace productivity (16 percent), and strained personal relationships (16 percent).
However, those who work with financial professionals are less likely to lose sleep over financial concerns (42 percent) compared to those who do not (52 percent).