Results from a newly-released survey indicate that the rising costs of necessities, goods and services are the biggest sources of stress for many Canadians — including in the Prairie region.
The 2022 FP Canada Financial Stress Index, which was conducted on behalf of FP Canada by Leger, surveyed 2,001 Canadians and found residents say money is their main source of stress at 38 per cent, followed by personal health (21 per cent), work (19 per cent) and relationships (18 per cent).
It’s the fifth time in eight years that the annual survey has found that money has the biggest impact on stress for residents.
“It’s a huge flag right now and I think that it means we need to start talking about money a little bit more often,” suggested Zena Amundsen, owner and certified financial planner with financial planning firm Astra Financial Services in Regina.
According to FP Canada, 36 per cent of survey participants from the Prairie region report that money causes the most stress in their life — significantly more than personal health at 23 per cent, relationships at 20 per cent and work at 17 per cent.
In addition, 39 per cent of Prairie respondents say financial stress has contributed to anxiety, depression and mental health challenges.
Top of mind for survey participants on the Prairies is the rising costs of groceries, gas and housing, with 69 per cent of people saying rising grocery prices are having a direct impact on their finance-related stress, while 59 per cent have the same concerns regarding gas prices.
Overall, two-thirds or 64 per cent say inflation’s impact on the cost of goods and services is affecting their financial-related stress.
Prairie respondents admit there are growing concerns about their long-term financial well-being with 34 per cent saying that saving enough money for retirement was the number one area of finances causing stress, followed by bill payments and expenses at 31 per cent.
With experts pointing to there being no stop to the increase in prices any time soon, Amundsen says it’s important for people who do have concerns to take action now.
She suggests the first thing people can do is to look at their financial situation and know their ins and outs to help gain back some confidence when understanding their financial picture.
“It’s about sitting down and putting pen to paper, (seeing) what is coming in and what is coming out,” says Amundsen. “This helps with analyzing the numbers, but this also is something that you can do that makes you feel like you’re taking some action, you’re starting to take some control and putting it to paper.”
Amundsen also recommends visiting a certified financial planner to assist people in reaching their financial goals and to take baby steps when finding ways to save money.
“We were talking in our office and for example, instead of driving home for lunch, we’re talking about packing our lunches. It’s that little step of feeling like we can we can take some action and it’ll save some gas, especially seeing those gas prices,” Amundsen shares.
“It’s about protecting our financial health and our well-being.”
Offering a final piece of advice, Amundsen adds that it’s better for people to address their financial situation and concerns sooner rather than later as people should plan for costs to go up even further.
“Every year we need to know that your utilities are going to go up, your property taxes are going to go up. It’s just this frame of mind of being prepared for it. It’ll take out a little bit at shock value and you’ll be able to start looking and you can stay on top of it.”
The 2022 FP Canada survey was completed between April 12 and 20.
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