75% Of Canadians Are Stressed About Money RN & Some Provinces Feel It Worse Than Others
Here's what's keeping people up across the country. 👇
If you're worried about money lately, you're not alone — the majority of the country is stressed about their finances, and for some, it's taking a toll on their sleep.
According to the results from Scotiabank's third annual Worry Poll, Canadians on average spend 10 hours each week worrying about their finances, which is up by 25% from 2020. About a third of Canadians are so worried about their finances that it actually keeps them awake at night.
In terms of what exactly it is they're stressed out, three topics take the lead: growing or protecting their investments, being able to pay for day-to-day expenses, and paying off debt.
Although 75% of Canadians worry about their finances, some provinces feel the heat more than others. People living in Saskatchewan and Manitoba spend the most time worrying about their finances, which takes up about 13 hours per week.
Residents of B.C. and Alberta spend 12 hours a week worrying, followed by 10 hours for those in Atlantic Canada, nine hours for Ontarians, and just seven hours for people in Quebec.
"Residents in Alberta (60%) and the Atlantic (62%) were the most likely to say they are particularly stressed about the rising cost of living, while those in Manitoba and Saskatchewan were less likely (43%)," said the report. "Almost half of Albertans surveyed (45%) ranked their finances among the top three concerns causing them the most stress."
As well, households that have lower incomes spend much more time worrying about their finances. Houses that bring in under $50,000 worry about finances on average for 14 hours a week.
In comparison, households with incomes over $100,000 only spend six hours a week worrying.
To conduct the poll, 1,521 Canadian adults who are Maru Voice Canada panellists were randomly selected for an online survey from October 12 to 13. The results were weighted to ensure they represented the entire adult population of the country.
This article's cover image was used for illustrative purposes only.