As many of us know, financial stress can impact many areas of our lives. According to the latest chapter of the Financial Stress Index, by FP Canada™ (view survey results here), it was found that the worse financial shape we are in, the more likely we are to have severe stress-related issues in our lives. The study found that taking on more debt caused higher stress levels, worsened sleeping patterns, weight gain, and a general decrease in physical activity, which in turn, can lead to greater health problems. 

Consistent with previous years, in 2020 money is the number one cause of stress for Canadians by a large margin. Money (38%) outranks personal health (25%), work (21%) and relationships (16%) as the top source of stress in Canadians’ lives. This is particularly significant given the multitude of non-financial stresses related to the COVID-19 global pandemic.
The 2020 Financial Stress Index also reveals that as Canadians age, they feel less stressed about money – with 44% of 18-to-34-year-olds listing money as their leading concern compared to one-in-four (25%) of those aged 65+.