Nearly three-quarters (71 per cent) of Canadian workers say their rising cost of living is increasing faster than their income, according to a survey by Scotiabank.
The survey, which polled more than 1,500 employees, found Canadians, on average, worry about their finances for 15 hours a week, up from 10 hours last year.
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Respondents noted they spend the most time worrying about paying for day-to-day expenses (44 per cent), paying off debt (39 per cent) and saving for emergencies (38 per cent). Seven in 10 (72 per cent) said they’re looking for ways to stretch their dollars in this economic environment and most have high levels of concern over the rising cost of living (73 per cent).
Overall, a quarter (26 per cent) of respondents said they’re so stressed about their finances that they’re losing sleep, with millennials, generations X and Z significantly more stressed about their finances than baby boomers. As well, women are more stressed about their finances than men (26 per cent compared to 20 per cent).
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