Recent polls commissioned by Scotiabank revealed that Canadians spend on average of 2 hours a day worrying about their finances. Canadians age 18-35 worry the most about their finances, at 2.4 hours a day, while those aged 55+ worry an average of 1.4 hours a day.
Key Poll Findings:
- Information Overload: On average, 67% of Canadians said they find the amount of information about investing overwhelming, increasing to 75% among millennials.
- Competing Priorities: 65% of Canadians with debt said they find it challenging to save, invest and pay down their debt. This increases to 71% among the 18-34 age group – significantly higher than those age 55+ at 56%.
- The Income Divide: Canadians with lower household incomes are also worrying about their finances more often than those households with higher incomes. Households making under $50,000 are worrying an average of 2.25 hours a day. Households making between $50,000 to $99,000 are worrying an average of 1.85 hours a day. Households making $100,000 and above spend, on average of just over an hour a day worrying about their finances.
Regional and Demographic Highlights:
- Residents in the Atlantic region spend the most time amongst all Canadians worrying about their finances (3.4 hours per day);
- Albertans worry about their finances an average of 2.7 hours a day, while those in Saskatchewan and Manitoba worry an average of 2.4 hours a day;
- Quebec residents spend the least time worrying about their finances – an average of 5 hours per week – with 38% of them worrying about their finances for just one hour per week;
- On average, Canadians 18-34 spend 2.4 hours a day worrying about their finances, followed by those age 35-54 at 2 hours a day, and age 55+ at 1.4 hours a day;
- Canadians making less than $50,000 annually spend twice as mu