Canadian financial stress levels more than double during pandemic

 

With the uncertainty of the pandemic, many Canadians are feeling additional stress associated with finances.

A recent survey from Manulife Investment Management found that financial stress Canadians are feeling has more than doubled.

Based on the results, 27 per cent of respondents reported high levels of financial stress after onset of the pandemic, compared to just 11 per cent before.

Additionally, 51 per cent of Canadians have had to dip into their savings or increase their credit card balances.

Further, 67 per cent of respondents reported feeling some form of financial stress after the onset of the pandemic, compared to just 44 per cent prior to it.

Most alarming, only 33 per cent of Canadians believe their situation will improve in the coming year.

“Given the upheaval experienced in 2020 to-date, it’s no surprise that retirement savers are more stressed today than they were pre-COVID,” Sue Reibel, global head of retirement for Manulife Investment Management, said in a news release.

“The silver lining in this year’s data is that people are more open to financial advice than in years past. In this environment, when faced with managing multiple pressures, stress is high and responsibilities are piling up, and retirement investors are looking for a trusted source of advice when it comes to navigating their finances," she continued.

Moreover, many respondents believe their employer should provide some sort of financial wellness program--75 per cent of respondents said an employer-sponsored program related to financial literacy and wellness would positively impact their financial stress.

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