A new survey has found that money is the biggest source of stress for Canadians as the cost of
living continues to rise.
The 2022 FP Canada Financial Stress Index found that four in ten Canadians (40%) reported
money was their number one stressor, outranking other issues such as their health (21%),
employment (19%) and relationships (18%).
Many Canadians said they are increasingly concerned about their long-term financial wellbeing
with inflation running at a 30-year high.
Out of all aspects of life that have become more expensive this year, 68% of respondents said
they were feeling the pinch when it comes to their grocery bill. The rising cost of food ranked
higher than gas prices, housing and rental costs as having the biggest impact on people’s
financial stress levels.
Adding to the increasing cost of living, the Bank of Canada has been raising its benchmark
interest rate to get inflation under control, leading to higher debt servicing costs and mortgage
rates for many Canadians.
With household budgets stretched, the survey found that one in three Canadians (30%) said
money stress has led to anxiety, depression, or mental health challenges, with younger
respondents being impacted more than older Canadians.
The survey was conducted by Leger Marketing on behalf of FP Canada and polled 2,001
Canadians in April of this year.
