Young people and women the most stressed about their finances
Baku, December 28 (AZERTAC). December is a tight time of year for almost anybody`s wallet, but a new survey says women and young Canadians are feeling the financial strain the most.
Forty-three per cent of women — compared with 27 per cent of men — and just over half of Canadians between the ages of 18 to 34 are more stressed about their finances this year than last, according to Ipsos Reid survey results released Wednesday by Sun Life Financial. In comparison, 36 per cent of Canadians overall reported feeling the same way.
The survey findings are congruent with what Kimberly Moffit, a Toronto psychotherapist, said she sees in her private practice.
"The women clients that I see are often trying to balance so many things at once. Women are infamous for multi-tasking," Moffit said.
Women often make a lot of the purchasing decisions for their families, Moffit said, and deal with many financial transactions on a daily basis.
Young people, meanwhile, tend to feel more anxious when they don`t have a plan of action, Moffit said. Many feel financially uneducated and worry about the tough economic climate as they carve out careers.
"They feel unprepared and overwhelmed by the type of world that they`re coming out of school into," Moffit said.
Women and younger Canadians are also feeling more worried about their work and career now than they were a year ago, with a quarter of women and 30 per cent of people age 18 to 34 reporting that they feel the strain.
Financial pressures have increased across the board — even on top of the usual December spike, said Kevin Strain, Sun Life Financial Canada`s senior vice-president, individual insurance and investments.
Strain puts the blame on global financial uncertainty.
"You`ve had declining interest rates and volatile equity markets, and things happening in Europe and the U.S. and Canada, and job losses increasing. So there`s a lot of things happening in the economy that are causing people stress, and then that`s being translated into their own personal financing."
Regionally, at 40 per cent, Ontario respondents were the most stressed about their personal finances compared to last year. Quebec followed at 32 per cent, followed by B.C. and Alberta which were both at 31 per cent. Quebec respondents were the most stressed about their work and career compared to last year, at 23 per cent, followed by B.C. At 16 per cent and Atlantic Canada at 15 per cent.
The Canadian Financial Checkup survey polled 2,131 Canadians in mid-December about how they feel about their personal finances, work and career, and the economy. The survey has a margin of error of plus or minus two percentage points, 19 times out of 20.
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