Poll finds that the time Canadians spend
worrying about finances is now equivalent to a
part-time job.
TORONTO, Feb. 22,
2023 /CNW/ - A new poll by Scotiabank revealed
that on average, Canadians are worrying about their
finances for 15 hours a week, up from 10 hours from the same
period last year. This average amount of time Canadians spend
worrying works out to roughly 31 days a year, or the amount of time
one could spend on a part-time job.
Results from Scotiabank's fourth annual Worry Poll show that
Canadians who worry spend the most time worrying about:
- Paying for day-to-day expenses (44%),
- Paying off debt (39%), and
- Saving for emergencies (38%)
The average number of hours Canadians spend worrying about their
finances each week has grown since July
2021, with notable jumps every quarter.
Overall, one in four Canadians (26%) are so stressed about their
finances that they are losing sleep over it. Gen Z, Millennials and
Gen Xers are significantly more stressed about their finances then
Boomers. Women are more stressed about their finances then men (26%
vs. 20%). Notably, this financial worry is not spread evenly across
the country. Residents of Quebec
are least likely to agree their financial situation causes them a
great deal of stress (17%), while Albertans are the most worried
(32%).
"Canadians continue to feel the impact of higher prices on their
wallets, and this is leading to more time spent worrying. For most
Canadians, their income has not kept pace with the rising costs of
what they buy, with groceries and gas continuing to be the biggest
drivers of strain for households," said Kingsley Chak, Senior Vice
President, Deposits, Investments & Payments at Scotiabank.
"With so much time spent worrying, Canadians can find peace of mind
by speaking with a financial advisor who can help them achieve
their financial goals. A simple conversation can alleviate
worrisome questions about their financial future, and free up a
substantial amount of time."
Rising cost of living weighing Canadians down
Most Canadians (72%) are looking for ways to stretch their
dollars in this economic environment, and most have high levels of
concern over the rising cost of living (73%).
Although Canada's unemployment rate has improved with
increasingly more jobs added to the market every month, Canadians
are still not seeing their incomes keeping up with inflation.
Nearly three quarters (71%) of Canadians say that their rising cost
of living is increasing faster than their income.
A dreary outlook: changing consumer spending habits going
into 2023
While affordability is clearly a concern for Canadians, one in
five expect their financial situation to get even worse in the next
6 months.
57% of Canadians are making small concessions on the things they
want in order to afford the things they need.
Moving from worry as a part time job to investing in a better
financial future
For customers concerned about navigating their financial plans,
Scotiabank has various tools and services to help – with more on
the way.
To support the Advice+ experience, Advisors can also highlight
money management features including Scotia Smart Money by Advice+
and Scotia Smart Investor. With many Canadians seeking more control
over their investments, Scotia Smart Investor empowers customers to
set, track and change their financial goals as life evolves.
Methodology: From January
24th to 25th 2023 an online survey of
1,505 randomly selected Canadian adults who are Maru Voice Canada panelists was conducted by
Maru/Blue on behalf of Scotiabank. The overall data is weighted by
age, gender, and region to be representative of the Canadian adult
population. Discrepancies in or between totals are due to
rounding.
About Scotiabank
Scotiabank is a leading bank in the Americas. Guided by our
purpose: "for every future", we help our customers, their families
and their communities achieve success through a broad range of
advice, products, and services, including personal and commercial
banking, wealth management and private banking, corporate and
investment banking, and capital markets. With a team of over 90,000
employees and assets of over $1.3 trillion (as
at October 31, 2022), Scotiabank trades on the Toronto Stock
Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS).
For more information, please
visit http://www.scotiabank.com and follow us on Twitter
@Scotiabank.
SOURCE Scotiabank