Staff
Money is the leading source of stress among Canadians, significantly more than work, personal health and relationships.
A Financial Planning Standards Council survey finds that financial stress is driving Canadians to lose sleep, reconsider past financial decisions, argue with partners, and lie to family and friends about personal finances.
The results show that Canadians’ experience with financial stress varies depending on age, gender and openness to discussing personal finance issues.
The following are key findings among respondents across the country (excluding Quebecers):
- significant numbers of men and women lose sleep over financial worries (51% of women; 40% of men);
- 45% of Canadians are embarrassed about their lack of control over finances;
- millennials are more likely than any other generation to lie about personal finances; 33% admit they’ve been dishonest with friends, 25% with family and 15% with co-workers (compared with national averages of 17%, 14% and 9%, respectively);
- 87% of Canadians wish they had made better financial decisions earlier in life;
- four in 10 people in relationships with shared finances argue regularly over finances; and
- one-third of Canadians believe that, on average, their friends are in better financial shape than they are.
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