Finances are never far from Canadians' thoughts

by Steve Randall15 Jan 2020

Canadians are worried about their finances and that thought is with them for an average 2 hours every day.

A survey from Scotiabank has found that 65% of Canadians struggle to save or invest money while paying down debt with those households earning $50K or less – and younger adults - spending more time worrying about their finances.

The good news is that many are seeking help.

"Many Canadians are feeling rudderless when it comes to managing their finances, as they try to balance savings and spending, while paying down debt," said D'Arcy McDonald, SVP, Retail Deposits, Investments, and Payments for Scotiabank. "They're increasingly seeking trusted sources of advice and support to make sense of the overwhelming amount of information available to them."

Regionally, those in the Atlantic region spend the most time amongst all Canadians worrying about their finances (3.4 hours per day); Albertans worry about their finances an average of 2.7 hours a day, while those in Saskatchewan and Manitoba worry an average of 2.4 hours a day.

Quebec residents spend the least time worrying about their finances – an average of 5 hours per week, and 38% of them worrying about their finances for just one hour per week.

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