It doesn’t matter how much, or how little money you have, chances are you’ve been stressed out about it at one time or another. Don’t worry, though, you’re not alone.
According to ‘Financial Stress,’ a survey commissioned by the Financial Planning Standards Council, it was discovered that 48% of Canadians polled “have lost sleep” as a result of their “financial worries.”
“Money is inextricably interwoven into all aspects of our lives, and managing it effectively is a modern survival skill,” said Dr. Moira Somers, Ph.D., C.Psych, a clinical neuropsychologist specializing in mental and financial well-being. “So, when things are not going well for us financially, we tend to use up a great deal of our brainpower finding solutions or ways out of our dilemma. If the stress is prolonged, it can be quite exhausting, and can even cause temporary reductions in IQ and problem-solving abilities.”
Unfortunately, 41% of those surveyed indicated that money is their greatest source of stress, while 51% are “embarrassed” by the lack of control they have over their financial situation. Those who make less than $80,000 per year are “significantly more likely to be embarrassed about lacking control over their financial situation.”
In terms of hindsight, 83% of those polled say they have at least one financial regret, with the most prevalent one being not investing more money sooner.
Despite these revelations, it’s interesting to note that only 23% of survey participants feel pressure “to keep up with their friends’ or colleagues’ financial status.”
On a recent episode of “theZoomer,” Host Libby Znaimer and a number of financial specialists gathered to discuss investment trends, taxes, retirement planning and how to protect your hard-earned money. You can watch this episode below.