Recent polls commissioned by Scotiabank revealed that Canadians spend on average of 2 hours a day worrying about their finances. Canadians age 18-35 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.
"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. "They're increasingly seeking trusted sources of advice and support to make sense of the overwhelming amount of information available to them."
Key Poll Findings:
• Information Overload: On average, 67% of Canadians said they find the amount of information about investing overwhelming, increasing to 75% among millennials.
• Competing Priorities: 65% of Canadians with debt said they find it challenging to save, invest and pay down their debt. This increases to 71% among the 18-34 age group – significantly higher than those age 55+ at 56%.
• The Income Divide: Canadians with lower household incomes are also worrying about their finances more often than those households with higher incomes. 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.
"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," continued Mr. McDonald. "Canadians can spark change and energize their finances starting with a few simple steps, like meeting with an advisor and creating a weekly budget."
Regional and Demographic Highlights:
• Residents in the Atlantic region spend the most time amongst all Canadians worrying about their finances (3.4 hours per day);
• Albertans worry about their finances an average of 2.7 hours a day, while those in Saskatchewan and Manitoba worry an average of 2.4 hours a day;
• Quebec residents spend the least time worrying about their finances – an average of 5 hours per week – with 38% of them worrying about their finances for just one hour per week;
• On average, Canadians 18-34 spend 2.4 hours a day worrying about their finances, followed by those age 35-54 at 2 hours a day, and age 55+ at 1.4 hours a day;
• Canadians making less than $50,000 annually spend twice as much time (2.25 hours a day) as those making more than $100,000 (1 hour a day) worrying about their finances.
The Financial Worry poll was commissioned by Scotiabank and conducted by Maru Blue on September 20, 2019. The online survey captured the opinions of 1,520 Canadians across the country.
The Scotiabank 2019 Investment Poll was conducted in January 2019 by Nielsen Consumer Insights between January 25 and February 3, 2019. A total of 1,012 completed surveys were collected from a random sample of panel members across Canada.