Canadians have ranked money as their greatest cause of stress in life, according to a survey by FP Canada.

The latest chapter of the Financial Stress Index is a follow-up to FP Canada’s financial stress studies from 2014 and 2018. This survey asked Canadians about life pressures arising from personal finance.

Consistent with surveys in previous years, in 2020 money is the number one cause of stress for Canadians by a large margin. Money (38%) outranks personal health (25%), work (21%) and relationships (16%) as the top source of stress in Canadians’ lives, found the survey.

“This is particularly significant given the multitude of non-financial stresses related to the COVID-19 global pandemic,” said FP Canada in a statement released July 8.

The survey found that as Canadians age, they feel less stressed about money 44 percent of 18-to-34-year-olds listing money as their leading concern. This compares to 25% of those aged 65+.

Meanwhile, 38% of Canadians say that financial stress doesn’t impact their lives at all. “Notably, those with a financial planner are significantly more likely to be shielded from financial stress with 53% saying it doesn’t impact their lives at all,” underlined FP Canada.

COVID-19

Asked about the impact of the COVID-19 pandemic, four-in-10 survey respondents said it has impacted their financial stress levels, with one-in-10 saying this impact has been significant.

"This pandemic has added an extra layer of financial uncertainty for Canadians," said Kelley Keehn, author, personal finance educator and Consumer Advocate for FP Canada. "As millions grapple with the repercussions of job loss, reduced hours and market volatility, it’s more important than ever to seek out expert assistance. A Certified Financial Planner® professional or Qualified Associate Financial Planner™ professional will support people in their journey to conquer financial stress and navigate this unprecedented situation."

The full results of the 2020 Financial Stress Index can be found here.