What provokes stress to Canadians?

Money.

More than 2,000 people took part in a recent FP Canada survey. Like every year, Canadians were asked what worries them, what causes stress and even what keeps them distracted from sleeping. Unfortunately, just like last year, the issue that occupies Canadians' minds the most, on average, is money.

Money was the number one concern, surpassing personal health, relationships, and work. For six years in a row, it has been money that occupies the mind of the average Canadian.

48% said they had trouble sleeping because they were constantly thinking where to find money, how to pay debts, and how to find additional sources of income. 36% had mental health problems and all for the same reason.

"With the cost of living on the rise, Canadians should be leaning on professional financial planning advice to alleviate money-related stress," says Meghan MacPherson, a specialist at Impact Financial Group Inc.

Financial planning

It is one of the key things in the life of today's Canadian citizen.

"Money is causing a lot of people stress and anxiety and those things are causing long-term physical and mental damage to people, so it's important that this stuff gets addressed. This is a really important issue," says David Christianson, a certified financial planner at National Bank Financial Wealth Management.

One of the problems Canadians note is the rising prices of goods as well as some services. Inflation, which the government tries to fight, but often cannot agree on how to do so, affects the lives of average citizens not only financially, but also mentally.

Baby food, gasoline, and basic necessities are all rising in price, and Canadians can't help but notice these changes.

In terms of income, almost half, 48% of people, admitted that this year their income is less than it was a year earlier. In 2022, 38% of people reported that.

35%, however, said they have enough money to retire, and for 32%, making an expensive purchase is a serious challenge. Among young Canadians, aged 18 to 34, 50% of people say saving for major financial purchases is a concern for them.