FP Canada, the organization that provides accreditation for Financial Planners, released their 2023 Financial Stress Index. The survey which has been conducted six times since 2014 tries to understand the stresses that Canadians are experiencing and how financial planners can help. The major headline this year is that nearly half of Canadians have lost sleep over finances, up from 43% last year. Please check out the News Release, as well as  the 2023 Results, and Infographic PDF.

 

1)  40% of Canadians identified money as the #1 stressor, ahead of personal health (23%), work (16%), and relationships (17%).

2) Paying bills/expenses and paying debt showed significant increases in reporting from 2022 - likely reflecting the double whammy of rising inflation impacting our everyday purchases, and rising interest rates beginning to impact mortgage payments.

3) Demographically, those under 55 identified stressors in their lives at significantly higher rates than those over 55. Practically cross the board, those identifying as Black, Indigenous, or as a Person of Color (BIPOC) reported stressors and stress symptoms at higher rates than non-BIPOC individuals.

4) As the press release notes "Hope is in sight", as those who work with a financial advisor of any sort (financial planner, investment advisor, financial advisor, insurance agent, etc) report less stress across less categories.

 

The unknown is one of the biggest fears, and a major contributor to stress. How will I afford my house? How will I pay off the car? How will I send my kids to university? How will I know if I have enough for retirement? As a Financial Planner I have plenty of experience breaking down these questions into manageable components with practical advice to make the most out of your situation. I also have plenty of tools to show you the impact of your decisions so that you can make the best choices for yourself and your family.

 

If you're feeling stressed please reach out today!

 

Pete Galbraith, Investment Advisor & Certified Financial Planner

613-531-2922

peter.galbraith@cibc.com