Is managing your finances a source of anxiety for you? You would be far from alone, according to a recent survey which reveals that Quebecers spend an average of 7 hours a week worrying about their wallet.
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If the number is striking, the data from the survey conducted by Scotiabank are even more worrying across Canada since 75% of Canadians surveyed are concerned about their financial situation They spend an average of 10 hours a week worrying about it, That’s the equivalent of three weeks a year: a 25% increase from the probe conducted in 2020. Worse yet, 32% of Canadians polled say their finances keep them from sleeping.
But what are Canadians particularly worried about? The survey shows that respondents are primarily concerned about growing and protecting their investments (19%), their ability to pay their daily expenses (15%) and repaying their debts (13%).
“More and more Canadians are worried about their financial situation and are wondering, for example, if they will ever be able to become homeowners, or if they will have enough money to pay for their children’s education or for their retirement.” , explains D’Arcy McDonald, Senior Vice President, Deposits, Investments and Payments at Scotiabank.
For Mr. McDonald, the solution lies in meeting with a financial advisor, regardless of his age or his plans. “Even a single conversation can be an important step towards more peaceful sleep.”
The cost of living stresses Quebecers
Among the various factors that can financially stress Quebecers, the one at the top of the list in the survey is the increase in the cost of living (50%). The probe also reveals that Quebecers are “particularly concerned about growth and the protection of their investments in the current economic climate” (19%).
Interestingly, young Canadians are the most worried about their wallets as the pandemic has impacted both short and long term financial habits. For financial planner and mutual fund broker representative Boyan Ivanov, this trend simply reflects the low level of experience young people have with personal finances.
“In general, the younger population has had fewer opportunities to interact with an advisor and usually has less experience in managing personal finances. They therefore generally have less knowledge of the variables that influence their financial reality. This may be part of the reason why they are more worried about their personal finances, ”explains the financial planner.
Methodology : The online survey was conducted on October 12 and 13, 2021 among 1,521 Canadian adults randomly selected by Maru / Blue on behalf of Scotiabank, through La Voix Maru Canada.