Nearly two in five (38 per cent) Canadians polled said money is their No. 1 source of stress in life, even more than personal health (26 per cent), work (20 per cent) or relationships (15 per cent), according to a new survey by FP Canada.
According to the survey, which polled more than 1,500 Canadians, 65 per cent of respondents with children said financial stress has led to things like health issues, marriage/relationship problems and family disputes or reduced productivity at work — significantly more than those without children in the home (47 per cent). In fact, 15 per cent of the respondents noted money has led to marriage/relationship problems and family disputes, while 14 per cent said it’s led to distraction at work and a handful (seven per cent) said it’s contributed to substance abuse or mental-health challenges.
This is the fourth year in a row that money has capped the list as the biggest cause of stress for Canadians in the annual survey conducted by the professional body for financial planners. The latest survey revealed that financial stress hasn’t only caused more than half (51 per cent) of respondents to lose sleep, but a third (31 per cent) said it’s also led to health issues — a significant increase from the 18 per cent who reported money-related health problems last year. Notably, nearly half (45 per cent) also said the coronavirus pandemic has directly impacted their financial stress level.
Additionally, almost three-quarters of respondents under age 35 cited money (44 per cent) or work (30 per cent) as their top source of stress. Women respondents (54 per cent) were found to be more likely than men (47 per cent) to have said they’ve lost sleep because of financial worries.