Money stress is the leading source of stress among Canadians
Money stress is causing significantly more stress than work, personal health and relationships according to a Financial Planning Standards Council (FPSC) survey released today.
The findings are being released in conjunction with the 6th annual Financial Planning week (November 16-22) during Financial Literacy Month (November)
The FPSC 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 their personal finances.
Canadians’ experience financial stress to varying degrees depending on age, gender and openness to discussing personal finance issues.
Here are the key findings among respondents across the country (excluding Quebec):
- A significant number 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 to being dishonest with friends, 25% with family and 15% with co-workers (compared with national averages across all age groups 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
- 1/3 of Canadians believe that, on average, their friends are in better financial shape than they are.
You can learn more of the details here
What’s the answer?
According to Cary List, the President & CEO of the Financial Planning Standards Council, the FPSC wants Canadians to know that engaging in financial planning with a qualified professional can help enhance both their financial and emotional well-being,
“We urge everyone to source a CFP professional on our Find a Planner tool at www.fpsc.ca and discuss their situation, goals and financial needs.”
The founder & CEO of LegacyTracker is a Certified Financial Planner and a member of the FPSC. One of the primary considerations for building LegacyTracker was to enable individuals & families to become more empowered with their own financial/estate information enabling them to become more proactive with financial/estate planning.