Scotiabank Poll: Canadians spending record hours worrying about their finances CanadiansInvest
TORONTO – A new poll by Scotiabank revealed that on average, Canadians are worrying about their finances for 15 hours a week, up from 10 hours from the same period last year. This average amount of time Canadians spend worrying works out to roughly 31 days a year, or the amount of time one could spend on a part-time job.
Overall, one in four Canadians are so stressed about their finances that they are losing sleep over it. Gen Z, Millennials and Gen Xers are significantly more stressed about their finances then Boomers. Women are more stressed about their finances then men . Notably, this financial worry is not spread evenly across the country. Residents of Quebec are least likely to agree their financial situation causes them a great deal of stress , while Albertans are the most worried .
Although Canada’s unemployment rate has improved with increasingly more jobs added to the market every month, Canadians are still not seeing their incomes keeping up with inflation. Nearly three quarters of Canadians say that their rising cost of living is increasing faster than their income.While affordability is clearly a concern for Canadians, one in five expect their financial situation to get even worse in the next 6 months.
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