- 65% of Canadians with debt struggle to save or invest money while paying down debt
- 67% of Canadians said they find the amount of information about investing overwhelming
- Households with an average income of
$50,000 worry twice as much (2.25 hours) a day than households with an average income of more than$100,000
"Many Canadians are feeling rudderless when it comes to managing their finances, as they try to balance savings and spending, while paying down debt," said
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.
"The survey data suggests that a third of Canadians face some degree of financial stage fright from all the overwhelming options for saving and investing their money," continued
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 andManitoba 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 much time (2.25 hours a day) as those making more than$100,000 (1 hour a day) worrying about their finances.
Methodology:
The Financial Worry poll was commissioned by Scotiabank and conducted by
The Scotiabank 2019 Investment Poll was conducted in
About Scotiabank
Scotiabank is a leading bank in the
SOURCE Scotiabank
© Canada Newswire, source