Are you currently anxious about your finances? – Poll –

Poll: financial anxiety

Jeremy Hainsworth – Dec 3, 2020 / 7:15 pm | Story: 318276

Some 27% of Canadians are anxious about their finances, according to the Credit Counselling Society’s 2020 Consumer Debt Report released Dec. 2.

“We know that many people never learned about money management growing up and the pandemic amplified the stresses and concerns that were already present,” society president Scott Hannah said.

Even as the country continues to face uncertain times, 49% of respondents said they feel optimistic heading into 2021, while 21% expressed pessimism.

The top five areas of concern of those surveyed were cost of living expenses increasing (51%); economic factors being outside of a person’s control (e.g. COVID-19, economic downturn, housing market downturn, etc.) (50%); losing a job/source of income (24%), debt levels increasing/becoming unmanageable (22%) and not having enough to pay bills (20%). Twelve percent said they had no concerns.

However, the report said, there’s a disconnect between how Canadians are managing their money and their openness to receiving support.

Some 86% said they could improve on at least one aspect of financial management and planning such as maintaining emergency savings, saving for retirement or making monthly bill payments. 

Only 17% of Canadians said they needed help with their finances.

The study found 64% of Canadians are carrying non-mortgage debt. And, of those, 54% feel anxious about that debt, 51% feel frustrated and 28% are unbothered by it.

“The perception that they don’t need financial help is the primary barrier for indebted Canadians reaching out,” the survey report said. “Canadians need to understand the ways that financial advice can benefit them to overcome this barrier.”

“Heading into 2021, we expect many Canadians to be faced with difficult decisions about their finances and spending habits due to the impacts of COVID-19,” society director Isaiah Chan said. “As a society, we must work together to reduce the longstanding stigmas around talking about our finances, and encourage Canadians to reach out for help.”

Have an opinion? Send it to [email protected]

December 2, 2020 – 11018 votes
Are you worried that people in other countries might get a COVID-19 vaccine first?

Yes: 1989
No: 8577
Unsure: 452

November 30, 2020 – 11457 votes
Are you concerned about how much the federal government is spending to fight COVID-19?

Yes: 7610
No: 3266
Unsure: 581

November 29, 2020 – 11119 votes
Do you support the decriminalization of possession of drugs for personal use?

November 28, 2020 – 7274 votes
Do you plan on travelling next year?

No, staying in region: 1864
Will travel in BC: 1401
Will travel in Canada: 901
Will leave country: 1700
Unsure: 1408

November 26, 2020 – 9571 votes
Will you be going shopping for Black Friday this weekend?

Yes, in store: 1074
Only online: 2012
No: 5917
Unsure: 568