Money is one of the most stressful elements of Canadians’ lives according to a new report.
Four in ten Canadians say that money is their greatest source of stress and more than half are embarrassed that they lack control over their financial situation.
The findings are from a new study by the Financial Planning Standards Council which also reveals that 83% of Canadians have at least one financial regret, with “wishing they had bought more real estate” ranking second only to “wishing they had saved or invested more”.
Younger Canadians earning $80K or less are significantly more likely to be embarrassed by their lack of control over their finances.
"Many people feel like they have no control over their financial situation, whether because fretting about money has become an ingrained habit, or as a result of not having a solid plan in place regarding what they bring in and how they manage it," said author, personal finance educator and FPSC's Consumer Advocate, Kelley Keehn.
Hard to “keep up with the Joneses”
Many respondents rank their financial wellness against that of their peers and 23% say they feel pressure to keep up with the financial statuses of friends or family. This is most notable among 18-34 year olds.
Women, Canadians age 18-64 (vs those 65+), and Manitobans/Saskatchewanians (vs all other provinces) are significantly more likely to report they have lost sleep over financial worries.
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