Canadians are getting stressed about their finances

Canadians are getting stressed about their finances

Canadians are getting stressed about their finances Financial stress is affecting millions of Canadians many of whom are concerned about their lack of savings.

A survey by Vancouver based financial advisors Seymour Consulting found that 43% of respondents said they were somewhat or extremely stressed by their current financial situation.

Around a third said that they are stressed about being able to meet their mortgage payment or rent, and a similar share said that they are concerned about their ability to buy a home in the next five years.

While saving for retirement is the biggest source of financial stress (73%), the proportion of respondents who say they are worried about being able to meet monthly expenses (53%) and managing their overall debt load (60%) is also worryingly high.

Just 45% of respondents said they were somewhat or extremely satisfied with their current financial position.

Those in the Maritime provinces, especially New Brunswick and Newfoundland & Labrador, are most likely to be dissatisfied and more stressed financially.

The emotional stress caused by finances is not confined to low income families either; 63% of those earning less than $25K are joined by 49% of those bringing in $25K-100K, and 35% of those earning more than $100K.

Women (53%) and millennials (58%) are most likely to report extreme emotional stress related to their finances.

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