FP Canada™ 2023 Financial Stress Index reveals that money remains the main source of stress for Canadians

Financial Planners

  • For the sixth year in a row, money is the top stressor for Canadians (40%). Rising inflation, higher gasoline and food prices contribute to fiscal stress
  • Nearly half (48%) of Canadians have trouble sleeping due to financial reasons and one in three (36%) experience mental health issues
  • Canadians who work with professional financial planners are less likely to experience financial stress and financial regrets

Toronto, June 15, 2023 /CNW/ – Canadians are losing more sleep because of money this year than last year as the country continues to battle the rising cost of living, according to FP Canada’s 2023 edition. financial stress index. But the study also shows that working with a professional financial planner is helping Canadians manage while reducing the impact of financial stress.

According to the 2023 survey results financial stress indexA national survey of more than 2,000 Canadians conducted by Léger on behalf of FP Canada found that money remains the top cause of stress (40%), followed by personal health (23%) and relationships (17%). ), ahead of work (16%). – 6th year.This year’s results financial stress index Economic stress also negatively affects more than half of the Canadian population, with one in three (36%) Canadians experiencing mental health problems such as anxiety and depression related to economic stress. It also shows what you have experienced. Given this, it’s no surprise that more Canadians (48%) are losing sleep because of money this year compared to last year (43%).

However, FP Canada’s 2023 financial stress index Canadians who work with a professional financial planner (59%) feel significantly more hopeful about their financial future than those who do not (46%), today highlights the value financial planning can bring to Canadians in a difficult economy.

“Canadians continue to struggle with their economic situation, and economic stress can have a significant impact not only on their financial well-being but also on their mental health,” he said. Tasia Batstone, President and CEO of FP Canada. “The good news is that this study points a clear path forward for Canadians. Working with a Certified Financial Planner® Professional or Qualified Associate Financial Planner™ Professional will help individuals take control of their money. You can take it back and reduce your stress.”

Rising inflation remains a key challenge for Canadians

up to date financial stress index Findings show that the impact of inflation on the cost of goods and services, especially higher gasoline and food prices, contributes to economic stress for Canadians. Nearly half (48%) have less disposable income than they did a year ago, and by 2022 (39%), as Canadians struggle to afford food, gasoline and other goods and services ) has increased significantly.

In addition, Canadians say they have a hard time saving money. Saving enough for retirement (35%) and saving for a big purchase (32%) are two areas of growing concern, he said. Younger generations are also likely to feel the pinch, with Canadians aged 18-34 most interested in saving for big purchases (50%).

“Current economic hardships have made Canadians more sensitive about their personal finances, but that doesn’t mean they have to go it alone,” he said. megan macphersonQAFP® Professionals at Impact Financial Group Inc. St. Catharines, Ontario. “With the cost of living rising, Canadians should turn to professional financial planning advice to reduce financial stress.”

Hope for the future: Working with a professional financial planner reduces financial stress

Encouragingly, FP Canada’s 2023 financial stress index Surveys show that many Canadians are taking steps to reduce financial stress, such as tracking expenses (44%), paying off debt (36%) and increasing savings (34%).

The study also found that Canadians working with a CFP or QAFP professional were less likely to have money-related stress, sleep deprivation, and financial regrets. Even when money is the main cause of stress, more than half (55%) of respondents who work with a financial planner say financial stress has not had a negative impact on their lives, leading to losses. Only 2 of her 5 (38%) said they suffered from Almost half of all Canadians (42% and 49% respectively) are bedridden with financial worries compared to not having a financial planner.

Despite these benefits, only 36% of Canadians work with some kind of financial professional, and even fewer, just 5%, with a financial planner. This disturbing reality highlights the lack of awareness of the role that CFP and QAFP professionals can play in helping Canadians achieve economic well-being.

“FP Canada financial stress index It clearly shows that external factors can damage not only our wallets, but our overall well-being.” Alim DungeyCFP® Professional at Assante Financial Management Vancouver, British Columbia. “Professional financial planners help clients take back control of their finances by taking small, easy, actionable steps, such as creating a budget, to help them stay on and stay on the path to financial stability. We work with our clients to build financial peace of mind by working with them to keep the stress at bay.”

About the Financial Stress Index (FSI)

The FSI is conducted annually for FP Canada by Leger, Canada’s largest market research and analytics firm. Financial Stress Index for 2023 Completed March 29th to April 7th, 2023, using Leger’s online panel, and targeting 2,004 Canadian respondents nationwide. However, for comparison purposes, a probability sample of 2,001 respondents yields an error of ±2.2% 19 times out of 20.

About FP Canada

Founded in 1995, FP Canada is a national, non-profit education, certification and professional oversight organization that works for the public good. FP Canada is dedicated to helping improve the financial wellbeing of all Canadians by leading the advancement of professional financial planning in Canada. Canada.

Source FP Canada

More Information: For media inquiries or to arrange a media interview with a CFP or QAFP expert, please contact Emily Ellis. [email protected]905-599-6138

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