Feb 23, 2023
By Jane Brown
With the higher cost of living these days, a new poll reveals Canadians are worrying about their finances for fifteen hours a week, up from ten hours from the same period last year.
Scotiabank’s fourth annual Worry Poll also breaks down what Canadians are spending the most time worrying about:
44 percent say its paying for day to day expenses,
39 percent say its paying off debt,
38 percent say its saving for emergencies.
“Canadians continue to feel the impact of higher prices on their wallets, and this is leading to more time spent worrying. For most Canadians, their income has not kept pace with the rising costs of what they buy, with groceries and gas continuing to be the biggest drivers of strain for households,” said Kingsley Chak, Senior Vice President, Retail Deposits, Savings, and Investments at Scotiabank. “With so much time spent worrying, Canadians can find peace of mind by speaking with a financial advisor who can help them achieve their financial goals. A simple conversation can alleviate worrisome questions about their financial future, and free up a substantial amount of time.”
Chak also says younger adults worry more about finances than older adults.
The survey also suggests one in five Canadian expect their financial situation to get even worse in the next 6 months, while 57-percent of Canadians are making small concessions on the things they want in order to afford the things they need.