Are you currently worried about your finances? – Poll

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About 27% of Canadians are worried about their finances, according to the Credit Counseling Society’s 2020 Consumer Debt Report released December 2.

“We know that many people never learned about money management as they got older and the pandemic amplified the stresses and worries that were already there,” said company president Scott Hannah.

While the country continues to face uncertain times, 49% of respondents said they feel optimistic towards 2021, while 21% expressed pessimism.

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

However, the report states, there is a disconnect between how Canadians manage their money and their willingness to receive support.

About 86% said they could improve at least one aspect of financial management and planning such as maintaining emergency savings, saving for retirement or paying their monthly bills.

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

The study found that 64% of Canadians carry non-mortgage debt. And, of these, 54% feel anxious about that debt, 51% feel frustrated, and 28% aren’t bothered by it.

“The perception of not needing financial help is the main barrier for approaching indebted Canadians,” the survey report said. “Canadians need to understand the ways that financial advice can benefit them to overcome this barrier.”

“Towards 2021, we expect many Canadians to face difficult decisions about their finances and spending habits due to the impacts of COVID-19,” said company director Isaiah Chan. “As a society, we must work together to reduce the long-standing stigmas around talking about our finances and encourage Canadians to seek help.”

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