Money once again the main source of stress for Canadians, survey finds

Money is once again the main source of stress in the lives of most Canadians, a new survey has found.

Surging prices for gas, groceries and housing are causing particular concerns, according to the 2022 FP Canada Financial Stress Index.

The study – based on a survey of 2,001 Canadians conducted by Leger – found that people are more worried about cash than their health, job and relationships.

It marks the fifth time in eight years that money has been the top source of stress in the lives of Canadians, according to the survey.

More than a third – 35 per cent – of respondents said financial stress had led to anxiety, depression or other mental health problems.

Among those aged between 18 and 35, 45 per cent said cash worries had caused them mental health difficulties.

"There's no way around it — the combination of the prolonged pandemic, record-setting inflation and the growing cost of everything from a mortgage to a bag of milk is stressing Canadians out," said Kelly Ho, Certified Financial Planner and Partner with DLD Financial Group Ltd. in Vancouver.

"While tracking expenses or creating a budget or financial plan won't help bring down the prices at the pumps or produce stands, those efforts can have a significant positive impact on alleviating financial stress and helping the average Canadian stretch their dollars."

The survey found that 58 per cent of respondents think the pandemic has affected their levels of financial stress.

Thirty-nine per cent said they feel less hopeful about the future now than they did a year ago.

Of all the manifestations of recent high inflation – which is now estimated to be at 6.8 per cent – the surging cost of groceries was felt the most acutely by respondents.

The vast majority (68 per cent) said the cost of food was directly affecting their financial stress levels.

Other worries include:

• Gas prices (56 per cent)

• Goods and services (55 per cent)

• House prices (25 per cent)

• Interest rates (25 per cent)

• Rent (23 per cent)

• Stock market volatility (20 per cent)

Not everyone is feeling the pinch, however.

A fifth – 20 per cent – said they have more disposable income this year compared to last.

To read the full survey, head here.