How much time Canadians spend worrying about finances

Canadians are spending a lot—but it’s not the type of spending that shows up on their credit card statements. Rather, it’s the type that shows up as lines on their faces.

On average, Canadians spend seven hours a week worrying about finances, or about 365 hours per year, finds a survey by Credit Canada and Capital One. Survey respondents who cite financial stress as their largest day-to-day worry spend on average 16 hours a week worrying.

Many recognize the associated negative consequences, with more than four in ten Canadians (44%) saying their financial situations negatively impact their mental health. Almost one-third (30%) say financial stress is a larger worry than their overall health.

The survey also finds that some Canadians will do most anything to avoid reviewing their personal finances.

For example, some would rather go to dinner with an ex-friend or ex-partner (11%) or get stung by a bee (7%) than review their finances. Overall, 21% report going to relatively extreme lengths to avoid a financial review. Younger Canadians are more likely than the national average to endure such indignities, at 29%.

For many, avoidance makes a bad situation worse. More than three-quarters of survey respondents (76%) say they’ve missed out on special experiences because of finances, including forgoing vacations (53%), expensive dinners (44%) and personal grooming (36%).

More than half (56%) are willing to make drastic sacrifices to become debt free, including never travelling or vacationing (23%), not eating out (21%) and embracing a no-spend diet (20%).

On a positive note, the survey finds that 60% of respondents have taken steps to alleviate financial stress. While 33% said they reviewed financial statements and 17% said they discussed finances with family and friends, only 13% said they sought financial advice.

About the survey: From Aug. 29​ ​to Aug. 31,​ ​​2018, an online survey of 1,534 randomly selected Canadian adults was executed by Maru/Blue. A probability sample of this size has an estimated margin of error of +/- 2.5​%​​, 19 times out of 20. The results have been weighted by education, age, gender and region (and in Quebec, language) to match the population, according to census data. 

Editorial note: This story was updated to provide the steps taken to alleviate financial stress.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.