It seems that more and more Canadians are dealing with increased stress levels caused by mounting financial pressures – especially as the holidays approach.
According to a survey released by Capital One Canada and Credit Canada Debt Solutions timed for November’s Financial Literacy Month:
- 44 per cent of Canadians believe their financial state impacts their mental health in a negative way.
- 30 per cent of Canadians mentioned financial stress is a bigger worry than their overall heath.
- On average, Canadians said they spend seven hours each week worrying about their finances.
“Stress and fear makes it more difficult to access that analytical part of your brain that enable you really think through problems and make grounded decisions,” said Patrick Ens, VP of Strategy & Brand at Capital One Canada.
“One of two things could happen, you could make a rash decision or you might just avoid making a decision all together.”
Credit Education week runs nationally from Nov. 13 – 16 with an aim to empower Canadians with the knowledge and tools to be present in the moment and fully aware of all the factors that are impacting your financial situation.