Financial problems are causing more stress for Canadian workers than two years ago.
Many people don’t take the necessary steps to improve their financial situation. It starts with setting and sticking to a budget and consulting with a financial advisor.
This data comes from the 2019 Sun LifeBarometer, a survey that takes the pulse of Canadians about their health and finances. Some results are troubling, but fortunately, resources exist to help them stay in control of their money. Taking action can help reduce stress.
How stressed is the average Canadian?
The workers here are stressed – the retirees, a little less. It is now 77% of Canadian workers who say they feel a lot of stress. What are the causes?
Managing personal or household finances: 40% in 2019 (compared to 35% in 2017)
Achieving a balanced budget: 27% in 2019 (compared to 24% in 2017)
Save enough for retirement: 25% in 2019 (compared to 20% in 2017)
In comparison, 60% of Canadian retirees say they are stressed. Among the reasons cited are:
Managing personal or household finances (19%)
Dealing with unforeseen expenses (16%)
Serious health problems continue to hurt the finances of Canadians. Indeed, having an accident or a serious health problem is much more likely to become a financial hardship for workers than for retirees:
Workers: 62% indicate that health problems affect their finances (60% in 2017)
Retired: 40% (37% in 2017)
Negative consequences include:
- Fewer savings.
- RRSP withdrawals.
- Increased use of credit cards and lines of credit.
- Borrowing money from friends.
Learn more:
How to save for debt-free retirement
Four ways to reduce your debt
Manage your finances mindfully: how to reduce financial stress and achieve your goals
