Survey Reveals 55% of Canadians Anxious About Finances

A recent survey conducted by United Way Centraide Canada highlights a growing sense of financial anxiety among Canadians. The inaugural National Financial Anxiety Survey, carried out in partnership with Leger, reveals that 55 percent of respondents are worried about their personal finances. This finding underscores the increasing financial insecurity affecting many households across the country.

The survey’s results point to a significant disparity based on income levels. Among individuals earning less than $40,000 annually, a staggering 67 percent reported feeling anxious about their finances. In contrast, only 47 percent of those making over $100,000 expressed similar concerns. The financial stress is further compounded by the fact that 42 percent of respondents indicated they could cover basic expenses for less than a month if they lost their primary source of income.

Impact on Daily Life and Community Wellbeing

The ramifications of financial stress extend beyond individual concerns, affecting daily life and overall community health. Approximately 30 percent of participants stated that financial worries hinder their ability to concentrate at work or school. Additionally, 35 percent reported experiencing sleep difficulties due to financial anxiety, while 32 percent noted family conflicts arising from financial issues.

Dan Clement, president and CEO of United Way Centraide Canada, emphasized the importance of addressing financial insecurity as a key social determinant of health. Clement observed, “If you’re well off or you’re confident about your finances, we see families and individuals have better outcomes in terms of their wellbeing. Conversely, when you are under stress financially, it has been shown that individuals and families will experience higher rates of disease, higher rates of stress, higher rates of mental health issues.”

Clement further noted that financial insecurity can lead to social isolation, as individuals may choose to engage less in community activities due to financial constraints. This isolation can adversely affect children’s opportunities for participation in sports and other developmental activities.

Calls for Government Action

The survey findings have prompted calls for greater government intervention to support residents facing financial difficulties. According to Clement, all levels of government have a crucial role in alleviating financial stress among Canadians. He pointed to the importance of sustaining investments in programs like the national child care initiative, which plays a vital role in enabling families to participate in the economy.

Clement stated, “The government plays a really important role here, and there are important things that the government can do.” He underscored the necessity of making child care accessible, as it allows parents to engage fully in the workforce, which is critical for overall economic health.

As financial anxiety continues to affect a significant portion of the population, the findings from the National Financial Anxiety Survey highlight the urgent need for comprehensive strategies aimed at improving financial security for Canadians.