Money, and lack thereof, is causing sleepless nights and straining personal relationships for many Canadians spread out across three generations.
According to the RBC Canadian Financial Wellbeing Survey – Fall 2023 Edition, Generations X, Y (millennials), and Z admit that money is taking a toll on their mental health and they’re living paycheque to paycheque.
Compared to 40% of all Canadian adults surveyed, Gen Y (millennials) are the most likely to have a difficult time sleeping because they are worried about their finances at 53%, followed by Gen Z (48%) and Gen X (43%).
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Similarly, 59% of Gen Y, 53% of Gen Z, and 47% of Gen X report having “a significant amount of stress” in their personal relationships related to their finances, compared to the national average of 43%.
“We know personal well-being is closely tied to financial well-being, particularly for Canadians who are essentially living paycheque to paycheque or are uncertain about what the future holds,” says Neil McLaughlin, group head of personal & commercial banking at RBC. “Many Canadians deal with a lack of confidence when it comes to understanding their finances, which affects their ability to make sound financial decisions.”
Interestingly, a high number of respondents said they’d be happier if they had more confidence in their financial future, topping out at 88% among 18 to 26-year-old Canadians.
RBC Royal Bank
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