Almost 40% of Canadians are worrying more about their finances since COVID-19 began, according to new survey research from Scotiabank.
These respondents reported spending an average of 16 hours a week worrying about money. The study also found that 28% of Canadians say that they do not spend any time worrying about their finances.
Millennials reported the highest levels of financial anxiety with 45% worrying more about their financial health since the start of the pandemic. This contrasts with the 64% of Canadians age 55+ who said they are worrying less about their finances, revealed the study.
Forty-two per cent of women reported increased financial anxiety. This compares to 35% of men who have been more anxious about their finances since the start of the pandemic.
Disproportionate financial impact
"The pandemic has had a disproportionate financial impact on women and millennials, who were faced with job loss, reduced hours or having to leave work to devote more time to childcare," said D'Arcy McDonald, SVP, Deposits, Investments, & Payments at Scotiabank.
The bank provided some suggestions for those worried about their finance. Getting financial advice was top of the list.
“Having financial peace of mind can help alleviate stress and provide confidence that you have a plan to face whatever challenges lay ahead. An advisor can help build a financial plan that's tailored to you and that considers your financial goals today and tomorrow,” said the bank.