48% of Canadians Have Lost Sleep This Year Due to Financial Stress: Poll

A person walks by a row of houses in Toronto on July 12, 2022. (The Canadian Press/Cole Burston)

With interest rates on the rise and record-high inflation rates persisting, nearly half of Canadians say they have lost sleep due to financial stress this year, according to a new poll.

“For the sixth year [in a row], Canadians say money is their top source of stress, with elevated inflation, higher gas prices and cost of groceries causing significant stress,” reads a report based on findings from a Léger survey conducted on behalf of FP Canada—a Toronto-based financial consultancy firm.

FP Canada’s annual “Financial Stress Index“ for 2023 shows that money-related pressure continues to rise across the country on a year-over-year basis, with 40 percent of Canadians citing money trouble as their leading source of stress in 2023 compared to 38 percent in 2022.

The survey also found that “anxiety, depression, and mental health challenges” are the leading negative impacts on Canadians under financial duress, with 36 percent of respondents saying they’ve experienced the latter this year.

The survey also found that 48 percent of Canadians have lost sleep due to financial stress—up five points from 2022.

“Saving enough for retirement, bills, saving for a major purchase/expense, and debt top the list of financial stressors,” said the report.

Financial Stress

Furthermore, FP Canada says that 50 percent of Canada’s population aged between 18 and 34 are concerned about saving for major purchases in the near future.

“Inflation’s impact on the costs of goods and services, and elevated gas and grocery prices specifically, are contributing to Canadians’ financial stress,” said the survey report, adding that 48 percent of Canadians have less disposable income compared to 2022, an increase of 9 percentage points.

FP Canada’s report comes out just a day before the Bank of Canada is expected to raise interest rates yet again in a bid to cool off the country’s economy despite Statistics Canada (StatCan) reporting recently that the nation’s unemployment rate climbed to 5.4 percent in June—the highest it’s been in a year.

StatCan also said in its “Labour Force Survey” that the Canadian economy added another 60,000 jobs last month.

“The June labour market data was mixed but shouldn’t be enough to prevent the Bank of Canada from following through with a second straight 25 basis point interest rate hike at the next policy decision next week,” said RBC assistant chief economist Nathan Janzen in a note to clients on July 7.

The Bank of Canada’s key interest rate currently sits at 4.75 percent, which is the highest it’s been since 2001.

The Canadian Press contributed to this report.