How is f inancial stress a�ecting Canadians? A national survey conducted by Leger on behalf of the Financial Planning Standards Council (FPSC) has found that 42 percent of Canadians rank ‘money’ as their greatest stress. That stress is driving Canadians to lose sleep, reconsider past �nancial decisions, argue with partners and lie to family and friends.
87% of Canadians wish they had made better financial decisions earlier in life
Save more money / start saving earlier
Invest more / earlier / wiser
Spend less
Should have of obtained a better job / better paying job
Should have of bought a house / condo / property
Should have of accquired a better education
Nothing / don’t have any regrets
15%
10%
6%
5%
5%
5%
13%
Honesty about personal f inances
33%
25%
15%
National AverageMillennials VS
Friends
Family
Coworkers
Millennials are more likely than any other generation to lie about personal finances. 33% admit they've been dishonest with friends, 25% with family, and 15% with coworkers
17%
14%
9%
Are you in a relationship with shared finances?
Couples that share details about their personal finances argue significantly less about money than those who are less transparent (58% vs 30%)
Argue “rarely/never”
58% 30%
transparent not transparent
61% of Canadians (exlcuding Quebecers) are in a relationship with shared finances
Financial regrets
Financial success begins with a sound financial plan
Interested in the connection between health and personal finances, FPSC commissioned a three-year-long study of 15,000 Canadians from coast to coast. It revealed that Canadians with a financial plan in place, prepared with a qualified professional, were able to overcome financial stress and regain control over their financial future.
The study showed that those with comprehensive financial plans feel:
• More on track with their financial goals andretirement plans
• Their ability to save is vastly improved
• More confident that they can deal with financialchallenges in life, and
• Better able to indulge in their personalspending goals
Canadians with comprehensive financial plans reported higher levels of:
85%Financial well-being
62%Emotional well-being
45%Overall contentment
greater than those without a plan
Sources: FPSC, Leger: Financial Planning Report (2014) (Survey �ndings do not include Quebec) FPSC, The Strategic Counsel: Value of Financial Planning – Year 3 Report (2012)
40%losing sleep
17%anxiety
*51%losing sleep
**30%anxiety
**9%overwhelming
stress
3%overwhelming stress
• Earning more
• Increasing their share of jobs
• Living longer
• Becoming primary moneymanagers in the household
Women are:
Sources: *Leger, for Financial Planning Standards Council (FPSC)**Financial Finesse, 2011
Women report more f inancial stress than men
What’s stressing Canadians?
42%Money
23% Work
19%Personal Health
17%Relationships
42% of Canadians (excluding Quebecers) ranked ‘money’ as their greatest stress
Argue “rarely/never”
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