More than a third (41 per cent) of Canadians rank money as their greatest stress, according to a new survey commissioned by the Financial Planning Standards Council.
The survey, which asked 1,106 Canadians — excluding those in Quebec — about their financial stresses, also found that 51 per cent of respondents are embarrassed about lacking control over their financial situation. That compares to 44 per cent who said so in 2014.
“Many people feel like they have no control over their financial situation, whether because fretting about money has become an ingrained habit or as a result of not having a solid plan in place regarding what they bring in and how they manage it,” said Kelley Keehn, the Financial Planning Standards Council’s consumer advocate, in a news release. He added that people under stress over money should seek expert assistance, just as they would do for their physical health.
The survey also found nearly half (48 per cent) of respondents have lost sleep due to financial worries. Nearly a quarter (23 per cent) of respondents said they feel pressure to keep up with their friends’ or colleagues’ financial status, with millennials most likely to feel that way.
In addition, 83 per cent of respondents said they have at least one financial regret. Wishing they had saved and invested more money was at the top of the list.