There’s no question that Canadians these days are worrying a lot more about their personal finances, according to new surveys from Scotiabank.
The surveys indicate 65 per cent of Canadians with debt struggle to save or invest money while paying down debt and 67 per cent said they find the amount of information about investing overwhelming.
Households with an average income of $50,000 worry twice as much (2.25 hours) a day than households with an average income of more than $100,000, according to the surveys.
“Many Canadians are feeling rudderless when it comes to managing their finances, as they try to balance savings and spending, while paying down debt,” said D’Arcy McDonald, SVP, Retail Deposits, Investments, and Payments for Scotiabank, in a news release. “They’re increasingly seeking trusted sources of advice and support to make sense of the overwhelming amount of information available to them.
“The survey data suggests that a third of Canadians face some degree of financial stage fright from all the overwhelming options for saving and investing their money. Canadians can spark change and energize their finances starting with a few simple steps, like meeting with an advisor and creating a weekly budget.”
Here are the key findings:
- Canadians spend on average of two hours a day worrying about their finances. Canadians age 18 to 35 worry the most about their finances, at 2.4 hours a day, while those aged 55+ worry an average of 1.4 hours a day;
- On average, 75 per cent of millennials said they find the amount of information about investing overwhelming;
- 65 per cent of Canadians with debt said they find it challenging to save, invest and pay down their debt. This increases to 71 per cent among the 18 to 34 age group – significantly higher than those age 55+ at 56 per cent;
- Households making under $50,000 are worrying an average of 2.25 hours a day. Households making between $50,000 to $99,000 are worrying an average of 1.85 hours a day. Households making $100,000 and above spend, on average of just over an hour a day worrying about their finances;
- Albertans worry about their finances an average of 2.7 hours a day;
- Residents in the Atlantic region spend the most time amongst all Canadians worrying about their finances (3.4 hours per day);
- Those in Saskatchewan and Manitoba worry an average of 2.4 hours a day; and
- Quebec residents spend the least time worrying about their finances – an average of five hours per week – with 38 per cent of them worrying about their finances for just one hour per week.