About three quarters of Canadians worry about their finances, with one third saying they are so concerned about their financial situation that it keeps them up at night, according to a Scotiabank poll.
Scotiabank’s third annual Worry Poll indicates that on average, Canadians worry about their finances 10 hours a week, the equivalent of three weeks a year, up 25 per cent from 2020.
Specifically, Canadians are concerned about growing or protecting their investments (19 per cent), being able to pay for day-to-day expenses (15 per cent) and paying off debt (13 per cent). Contributing to their retirement is an increasing source of concern for Canadians, with 12 per cent now worried about planning for their retirement, up from eight per cent in 2020.
Personal finance ranks fourth (33 per cent) on Canadians' list of items they are most stressed about, only behind the rising cost of living (52 per cent) and the respondents' own physical health (45 per cent).
"More Canadians are being kept up at night with questions like how they're going to own a home, will they have enough to pay for their children's education, and if they'll have enough for retirement," said D'Arcy McDonald, Senior Vice President, Deposits, Investments & Payments at Scotiabank.
Canadians should talk to a professional to get advice
"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. Even that initial conversation can be an invaluable step to getting a better night's sleep."
The bank says Canadians between the ages of 18-34 worry an average of 12 hours a week, those aged 35-54 worry an average of 11 hours a week, while Canadians 55 and older worry about six hours a week, on average.
Despite the significant amount of time spent worrying about finances, 63 per cent say they have not worked with a financial advisor in the last 12 months. However, those who have worked with an advisor are less likely to say they worry about their finances.
And even if they do worry, their worries are focused on how to grow and protect their investments (31 per cent), compared to paying for day-to-day expenses (19 per cent) or paying off debt (15 per cent).
