Money is bigger source of stress than work, health or relationships, according to a new survey from the Financial Planning Standards Council (FPSC).
The FPSC reports that its survey found that financial stress is causing Canadians to lose sleep, reconsider past financial decisions, argue with partners and lie to family and friends about personal finances.
It says 51% of women and 40% of men report losing sleep to financial worries; 45% say they are embarrassed about their lack of control over finances; and 40% of those in relationships with shared finances argue regularly over finances.
The survey also found that members of the so-called millennial generation are more likely than any age group to lie about personal finances. It reports that 33% admit they’ve been dishonest with friends, 25% with family, and 15% with coworkers (compared to national averages of 17%, 14% and 9%, respectively). Overall, a third of Canadians believe that on average their friends are in better financial shape than they are, it notes.
The survey was conducted by Leger and included more than 1,000 Canadians (excluding Quebec) between September 26 and October 1. It has a margin of error of plus or minus 2.5%, 19 times out of 20.
The FPSC also says that people that engage in financial planning report significantly higher levels of financial and emotional well-being, compared to those who do no or limited planning. “FPSC wants Canadians to know that engaging in financial planning with a qualified professional can help enhance both their financial and emotional well-being,” said Cary List, president and CEO. “We urge everyone to source a CFP professional on our Find a Planner tool at www.fpsc.ca and discuss their situation, goals and financial needs.”