Canadians are spending a record number of hours worrying about money
When it comes to finances, Canadians have certainly been feeling the pinch, with many spending more time worrying about money than ever.
Scotiabank’s fourth annual Worry Poll shows that on average, Canadians spend about 15 hours a week worrying about their finances. That number is up by 50% compared to 2022, when they spent 10 hours of their week thinking about money.
“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,” reads the report.
So what exactly is on everyone’s minds?
According to the poll, which involved an online survey of 1,505 randomly selected adults, people are worrying about immediate expenses.
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In all, 44% are worried about how they’re going to pay for day-to-day expenses, while 39% say that they spend a lot of time wondering how they’re going to pay off their debt.
As for emergencies, 38% of Canadians worry about whether or not they’ll have enough for unexpected expenses.
“Canadians continue to feel the impact of higher prices on their wallets, and this is leading to more time spent worrying,” said Kingsley Chak, senior vice president of retail deposits, savings, and investments at Scotiabank.
“For most Canadians, their income has not kept pace with the rising costs of what they buy, with groceries and gas continuing to be the biggest drivers of strain for households.”
Although the rate of unemployment has continued to decrease, 71% say that wages can’t keep up with rising costs.
Seventy-three per cent of Canadians are worried about the rising cost of living and 72% say that they’re looking for ways to stretch their dollar. Fifty-seven per cent say they’re already “making small concessions” to pay for essentials, and one-in-five participants worry that their financial situation will only get worse in the next six months.
It’s hardly surprising that finances are taking a toll on people’s health, with 25% saying that they’re so stressed that they’re losing sleep over it.
As for the age group that’s the most affected, Gen Z, millennials, and Gen Xers deal with more money woes than baby boomers. Some 26% of women in the poll worried more about finances than men (20%).
Not every province is equally stressed about finances, however. Only 17% of Quebec residents are sweating it, compared to 32% of Albertans.
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