While nearly half (45 per cent) of Canadians said they’re feeling less financially secure since the coronavirus pandemic began, that number is slightly higher (49 per cent) among younger Canadians, according to a new survey by Sun Life Canada.
The survey, which polled 1,000 Canadians, also found more than half (55 per cent) of younger Canadians said they’ve made changes to their financial goals and plans due to the pandemic, with 29 per cent saying they’ve had to dip into their savings during the crisis.
Among all survey respondents, 44 per cent who said their mental health has been affected by the pandemic identified financial stress as the main factor.
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Those who use an advisor (35 per cent) were less likely to report financial health concerns as a major factor weighing down their mental health. However, that figure rose to 47 per cent among those who manage their investments themselves.
“It’s important for Canadians to have health, wealth and protection solutions in place,” said Rowena Chan, president at Sun Life Financial Distributors (Canada) Inc. and senior vice-president of distribution, in a press release.