United Way survey reveals financial anxiety impacts more than half of Canadians

According to the Financial Anxiety Survey run by United Way Centeraide and Léger, 55 per cent of Canadians face financial anxiety with some reporting trouble sleeping, conflict and tension in their families, and struggling to concentrate at school or work because of it.

More than half of Canadians feel financial anxiety, with some having sleep issues and family conflict because of it, according to the United Way Centeraide’s Financial Anxiety Survey results.

United Way Centeraide’s Financial Anxiety Survey, in partnership with Léger, revealed that at 55 per cent, more than half of Canadians have anxiety about their finances. About 41 per cent feel physical symptoms of stress when discussing money and 42 per cent said that if they were to lose their main income source, they could only cover basic expenses for a month.

Over one third of respondents, at 35 per cent, are having sleep issues tied to financial worries, 32 per cent face family tension or conflict, and three out of 10 struggle to concentrate at work or school. Those in lower-income households are feeling more stress amid finances, with 47 per cent losing sleep and 67 per cent facing financial anxiety.

“Financial anxiety is a signal. It tells us something is very wrong. Increasingly, we have a have and have-not society,” Ryan Erb, executive director of United Way Perth-Huron, said to the Times. “The middle class is disappearing, and we must find a way to redistribute wealth in Canada.”

Locally, residents in Huron and Perth counties are concerned about finances.

“Far too many of us, right here in Perth-Huron, live without adequate incomes and the resulting stress is real,” Erb said. “Almost half of our workers live on less than a living wage, $23.05 or $41,405 annually.”

Erb acknowledged that income is not keeping up with the increasing cost of living.

“Income is not keeping pace with the cost of living. We all know too well the costs at the grocery store,” he said. “How about housing? In recent years, the cost to rent has nearly doubled while incomes have only increased by about 20 per cent. This makes us all anxious.”

United Way Perth-Huron, as well as other chapters, offer a variety of services to help such as the Urgent Needs Fund for those facing financial challenges and mental health counselling. The organization also advocates to eliminate financial barriers.

“We calculate the living wage and encourage employers to pay them,” Erb said. “We support income tax clinics for our most vulnerable, ensuring more receive the rebates they are entitled to.”

To learn more about supporting the United Way Perth-Huron online, including donating or volunteering, visit https://perthhuron.unitedway.ca.