A growing number of Canadians are feeling the pressure of negative financial matters with 44% saying money worries are impacting their mental health.
The poll from Capital One Canada and Credit Canada Debt Solutions found that 30% of Canadians cite financial stress as a larger worry than their overall health.
"Money is an emotional topic and is one of the biggest sources of stress in people's lives, but it is rarely talked about. During Credit Education Week, we are aiming to help Canadians begin conversations around money, their relationship with it and how actively prioritizing and managing finances can alleviate stress," said Patrick Ens, VP of Strategy and Brand, Capital One. "With the right resources, people can confidently plan to achieve their financial goals, whatever that may be."
More than three-quarters of Canadians have already missed out on special experiences including vacations, expensive dinners, and personal grooming to save money.
Over half said they are willing to make drastic sacrifices to become debt free, including never travelling or vacationing again, not eating out, and even embracing a no-spend diet.
Worrying doesn’t solve the problem
On average, Canadians said they spend 7 hours per week worrying about their finances, rising to 16 hours a week for those who say money worries are their largest day-to-day worry.
"But worrying doesn't solve anything,” said Laurie Campbell, Credit Canada's CEO. “The only way to deal with financial stress is to resolve through education, sound money management and using the financial tools that are readily available – that's what Credit Education Week is all about."
Credit Education Week is taking place nationally from November 13-16.