Financial stress causes more than half of Canadians anxiety: United Way Centraide

A stock photo of an empty wallet. (Unsplash/Towfiqu barbhuiya)

Financial stress is on the rise, according to a recent survey.

The United Way Centraide Financial Anxiety Survey recently found that 55 per cent of people in Canada feel anxious about their personal finances.

41 per cent said they have physical stress symptoms when they speak about money.

42 per cent said if they lost their job or main income source, they would only be able to pay for less than one month of expenses.

“Across Canada, as affordability challenges deepen and economic uncertainty grows, United Way Centraides and essential community services are seeing an increasing demand for support,” said Dan Clement, president and CEO of United Way Centraide Canada.

“Those findings underscore the significant financial stress facing people in Canada – especially low-income individuals and families. This stress is taking a toll on mental health and well-being, driving a rising need for strong, community-based supports.”

The survey also found that 35 per cent of people living in Canada report trouble sleeping, 32 per cent experience family conflict or tension, and 30 per cent said money-related worries make it hard for them to focus on school or work.

While lower-income families and people feel the stress the most, even higher-income families and people are feeling it as well.

47 per cent of households under $40,000 lose sleep due to financial issues and 67 per cent feel anxious. For those earning more than $100,000, 27 per cent lose sleep and 47 per cent are anxious.

A full chart of the findings is available below.