Canadians Admit To Losing Sleep Over Financial Stress & Grocery Prices Are A Big Reason Why

The cost of living in Canada has lots of people stressed about money, particularly younger people.

With a constant flood of stories about how we're paying more for things like groceries, gas, and rent, it's hard not to think about how expensive everything has gotten — and a new report reveals the toll this is taking on Canadians' physical and mental health.

FP Canada has released its 2023 Financial Stress Index, created with the help of an online survey conducted by Leger.

Included in a mountain of data were some key takeaways about how Canadians are feeling, both physically and mentally, when it comes to the state of their finances.

According to the survey, nearly half (48%) admitted they have lost sleep stressing about money, a figure that has climbed from 43% in 2022. Many of those who have lost sleep are between the ages of 18 and 54 and make less than $50,000 per year.

On top of that, 36% said because of their financial stress, they are dealing with anxiety, depression, or other mental health challenges, and overall, money remains the top source of stress for Canadians for a sixth year in a row.

When it comes to what costs are stressing Canadians out the most, the grocery aisle came out on top.

A notable 69% of those surveyed blamed their financial stress on elevated grocery prices in Canada, while half pointed to gas prices as another inflated expense. Younger Canadians put the blame on a combination of interest rates, housing prices, and the rising cost of rent.

Respondents also characterized what they feel it means to achieve financial well-being, with 69% describing it as "feeling like you don't have to worry about money day-to-day."

While it can be hard to find any good news when it comes to the cost of living in Canada right now, the survey did identify that those who have sought help from a financial expert are living more comfortably and with less stress.

In fact, 55% of those who have worked with a financial planner said financial stress had no impact on their lives and they don't lose sleep over money.

However, 59% of Canadians admitted to not currently working with a financial planner, and only 20% believe doing so would help to reduce their money-related stress.

This article's cover image was used for illustrative purposes only.