6 top-ranked financial stressors for young Canadians right now

Let’s be real — unless you’re one of the lucky ones with a trust fund, you probably spend a decent amount of time stressed out about money. 

The third annual Worry Poll, a survey conducted by Scotiabank, has revealed that a third of Canadians (or 32%) say worrying about their finances keeps them awake at night.

And it’s young Canadians, those between the ages of 18 and 34, who worry the most about their finances. The poll has also exposed the main stressors keeping them up at night, ranging from the seemingly distant dream of owning a home to day-to-day expenses.

With us youngsters worrying an average of 12 hours a week about our financial situations, Scotiabank has created Sleep Advisor by Scotia Advice+, a series of investment tools to help ease Canadians’ worry about their investments — and ultimately help them get a better night’s sleep.

In order of least to most concerning, here’s what the Worry Poll discovered is stopping young Canadians from getting their z’s.

6. Contributing to retirement

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While the thought of retirement may be a more distant concern for young Canadians, the idea of being able to kick back and enjoy life after decades of hard work shouldn’t be too much to ask for.

Less than half of Canadians say they know how much they need to save for retirement. Rather than leaving it up to manifestation alone, alleviate some stress by drafting up a plan with advice from professionals to reach your financial goals.

5. Paying off debts 

Cue the student-loan-related stress we all know and loathe. Luckily, a conversation with a Scotiabank advisor could bring some peace of mind and a plan of action, like building a budget to live within your means, and restructuring and consolidating your debt — so that you can tackle it with ease and get a better night’s sleep sooner.

4. Being able to pay for day-to-day expenses

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Canadians with less money coming in will spend significantly more time stressing over it, as confirmed by the Worry Poll results. 

According to the Worry Poll, Canadians who have worked with an advisor are less likely to say they worry about their finances. Regardless of your financial situation, talking with an advisor is a first step that can lead to personalized plans to pay off debt, manage day-to-day expenses, and when you’re ready, grow and protect investments.

3. Growing or protecting investments

Wanting to assure that what you’ve put your money into will be beneficial is completely justified, but it’s not something you need to dwell on. 

Scotiabank’s new Sleep Advisor Hub by Scotia Advice+ allows Canadians to easily search articles and FAQs based on their stage of life, so it’s easier to find the investment advice most relevant to them.

2. Physical health

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The Worry Poll states that the pandemic has changed the way people view their short-term and long-term money habits. So it may be safe to assume that COVID has also planted the seed of mortality in an increased number of young people’s minds — helping this stressor land #2 on the list. 

While it’s definitely been a period of consistent worry, Canadians can call into Scotiabank’s new Sleep Hotline to support their peace of mind and help them sleep better. Callers can receive advice on the phone during business hours, they can book an appointment with an advisor, and they can also dial in at any point to listen to unique day and night guided meditations.

1. The rising cost of living

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Huge shocker, right? It’s no surprise that young Canadians are stressed about housing, with average Vancouver home prices expected to climb 12% to $1.9 million in 2022. It’s clear that market forecasts aren’t going to be what comforts Canadians on this topic.

Canadians are worrying about their finances in relation to the rising cost of living, for — on average — 10 hours a week, which is the equivalent to three weeks a year and is up 25% from 2020. The Senior Vice President of Payments and Unsecured Lending at Scotiabank, D’Arcy McDonald, suggests starting with a simple conversation with an advisor to ease your mind regarding financial worries. 

“We encourage all Canadians to speak with a financial advisor about what’s keeping them up at night so they can get advice on how to achieve their financial goals,” said McDonald in a press release. “Even that initial conversation can be an invaluable step to getting a better night’s sleep.”

Ultimately, worrying about money shouldn’t cost you sleep. Take action and put your financial worries to bed by visiting Sleep Advisor by Scotia Advice+.