It's not just you: Nearly half of Canadians have lost sleep over money woes

Canadians continue to feel the heat of expenses as money worries maintain their #1 position among their biggest stressors for the sixth consecutive year.

Non-profit organization FP Canada has released its Financial Stress Index for 2023, and things look pretty grim.

Inflation, higher food and gas prices, soaring rents, and a generally higher cost of living have left people drained nationwide to the point that half of the country (48%) has lost sleep over finances.

Last year, this number stood at 43%, which was already concerning. To see that it’s grown by 5% is alarming.

According to the Financial Stress Index, one in three (36%) Canadians have experienced mental health challenges like anxiety and depression due to their financial situation.

FP Canada found that at least 40% consider finances their most significant stressor.

FP Canada’s 2023 Financial Stress Index shows that money remains the top source of stress among Canadians, driven by concerns over inflation, grocery prices and the cost of gas.

More findings here: https://t.co/jEWEEEmrMr

#FinancialPlanning #CFP #QAFP #FSI2023 pic.twitter.com/I39pArdIzJ

— FP Canada (@OfficialFPCan) June 15, 2023

FP Canada got Leger to survey more than 2,000 Canadians for its Financial Stress Index.

After money, personal health was the biggest stressor (23%), relationship stress came in third (17%), and work stress fourth (16%).

“As Canadians struggle to afford groceries, gas, and other goods and services, nearly half (48%) have less disposable income compared to a year ago, a substantial increase from 2022 (39%),” the Index notes.

A big part of Canadians’ money woes is centred around the struggle to save. Thirty-four per cent are actively trying to save more money, 44% are using expense trackers to help them, and 36% are paying down debt.

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“Saving enough for retirement (35%) and saving for a major purchase (32%) are two areas of growing concern,” FP Canada’s report further reads. “Younger generations are also more likely to feel the pinch, and Canadians aged 18-34 are the most concerned about saving for major purchases (50%).”

While working with a professional financial planner may not be on everyone’s priority list, FP Canada found that 59% of Canadians who’ve tried it feel “significantly more hopeful” about their financial future.

Are you feeling the pinch in your wallet this year, too? Tell us your story in the comments or email us at [email protected].