The FP Canada annual report, the 2023 Financial Stress Index, suggests an increasing number of Canadians are losing sleep over their finances. Those with financial advisors or financial planners, meanwhile, report being significantly less stressed about money.
The survey of 2,004 Canadians, conducted in March and April 2023, found that inflation, gas prices and grocery prices all contribute to financial stress, so much so that nearly half of those surveyed, 48 per cent say they lose sleep over their finances. Thirty-six per cent say they have experienced mental health challenges over money.
Among the other findings, they say 48 per cent report having less disposable income than a year ago. Many also say they are struggling to save money. Concerns about saving enough for retirement were reported by 35 per cent of those surveyed, while 32 per cent expressed concern about their ability to save for a major purchase.
Working with a professional, however, reduces the impact of financial stress, they add. Those working with a professional report feeling more hopeful about their financial futures 59 per cent of the time, compared to 46 per cent of those who don’t have professional assistance. More, 55 per cent working with a planner said financial stress had no negative impact on their lives. Thirty-eight per cent said they lost sleep over financial worries. Among those without planners, these numbers came in at 42 per cent and 49 per cent, respectively, of who could say the same thing.
Notably, however, only 36 per cent work with some type of financial consultant, while only five per cent work with a financial planner specifically. Overall, the number of Canadians who cite money as their top stressor rose to 40 per cent in the 2023 survey, up from 38 per cent a year ago.
