More than a third of Canadians feel more stressed this year about their finances, their careers and the economy than they did a year ago as uncertain economic conditions take a toll on investor confidence, shows a recent survey commissioned by Sun Life Financial.
Of more than 2,100 Canadians polled by Ipsos Reid, 36% said they’re more stressed about their personal finances than they were last year. Younger individuals and women are especially concerned, with 53% of Canadians between the ages of 18 to 34, and 43% of women, saying their finances are a source of stress.
In addition, 20% of Canadians said they’re feeling more stress around economic conditions than they did a year ago. When it comes to their career, 24% of women are more stressed and 30% of Canadians aged 18 to 34 are more concerned.
“It’s clear from the survey that the uncertain economic conditions are impacting Canadians and causing financial concerns during an already stressful time of year,” said Kevin Strain, senior vice president, individual insurance and investments, Sun Life Financial Canada. “Canadians approaching retirement are feeling these impacts the most because they are planning to put their savings into action. If they haven’t prepared accordingly, the current environment may be throwing their plans off track.”
Advisors can help ease the stress Canadians are feeling by helping clients develop a financial plan that can weather this economic uncertainty, Strain said.
It’s not surprising that women in particular are feeling more stress related to personal finances and work, according to Kimberly Moffitt, psychotherapist, MMT and member of the Ontario Association of Counsellors, Consultants, Psychotherapists, and Psychometrists.
“We’ve seen that women are often taking care of family finances, and the holidays are when we feel the impacts of our spending habits throughout the year,” she said.
Across the country, individuals in Ontario are most concerned about their personal finances, with 40% reporting that they’re more stressed than they were last year, compared with 31% in B.C., 31% in Alberta and 32% in Quebec.
Ontarians and British Columbians are most stressed about the economy, at 19% and 20%, respectively, compared to just 10% in Saskatchewan/Manitoba, 11% in Atlantic Canada and 13% in Quebec.