People everywhere deal with financial stress. According to a recent Royal Bank of Canada (RBC) survey, many Canadians—especially young adults—have trouble sleeping due to money worries. The poll highlights the financial difficulties Canadians of various ages confront and offers insights into their overall financial well-being.
Who All Were Surveyed?
However, when millennials—who are defined in this study as those between the ages of 27 and 42—only contribute to the total, 53% of respondents report having trouble falling asleep, which is the largest percentage of any age group.
The Generation Z demographic, which spans the ages of 18 to 26, likewise reported a significant rate of sleep disruption (48%).
It was 43% among Gen-Xers or those between the ages of 43 and 58.
In fact, on a number of questions on financial stress, members of Generations X, Y, and Z consistently scored higher than the national average.
The younger the respondents, the more anxious they were in many cases.
What Is RBC Suggesting?
Inflation is affecting Canadians of all ages, but a survey conducted on behalf of RBC suggests that younger folks are disproportionately affected, at least in terms of their mental health.
As food bank usage reaches an all-time high and more and more Canadians report diving into debt to keep their heads above rising waves, it may not come as a surprise that 40% of Canadian adults reported losing sleep over money worries.
When Did The RBC Conduct The Survey?
The RBC conducted the survey between July 27 and August 13, 2023.
Why Were The Results Eye-opening?
The results are based on 1,001 Canadians over the age of 18 who participated in RBC’s 2023 Canadian Financial Wellbeing Survey, which was carried out by Ipsos. Based on census data, the survey was weighted to represent the true demographics of Canadians.
Compared to the national average of 48%, 63% of Millennials and Zoomers reported that worrying about money was having a negative effect on their mental health.
Additionally, 54% of gen-Xers reported that their mental health has deteriorated.
When Canadians were questioned about how financial stress has affected their personal relationships, similar findings were obtained.
Compared to the national average of 43%, 59% of millennials and 53% of Gen Zers reported having seriously damaged relationships as a result of financial difficulties.
Following the 2008 recession, the Mental Health Commission of Canada released a report that confirmed that financial difficulties and unemployment pose a significant risk for suicide and that depression and anxiety rates increase in recessionary times.
Of the 3,819 persons surveyed, 39% claimed their mental health was being negatively impacted by financial concerns.
A startling 41% of Canadians who are struggling financially admitted to thinking about taking their own life within the last year.
RBC’s research indicates that some Canadian provinces appear to be more negatively impacted by rising prices than others.
Compared to the national average, people in Western Canada and the Atlantic provinces consistently reported feeling more stressed out financially, while people in Ontario and Quebec generally felt less concerned.
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