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Recent survey data from Edward Jones Canada suggests that most Canadians are struggling with finances, and it’s impacting their quality of life.
In an online poll of over 1,500 Canadians last month, the financial services firm found that 88 per cent of respondents said personal finances are impacting their overall well-being, and more than half said they feel overwhelmed when it comes to making financial decisions.
“Canadians are stuck in a chaotic whirlwind of personal financial stress,” Edward Jones Canada said in a press release on the polling results.
Sixty-five per cent of respondents were concerned about saving for retirement and 63 per cent were concerned about preparing for an unexpected event, the poll found.
Nearly half of respondents said they were concerned about saving up for a down payment on a home, while roughly a quarter said they were concerned about saving for higher education. Another 43 per cent said they were concerned about paying off credit card debt.
"Money matters should not be avoided", said Julie Petrera, senior strategist with Edward Jones Canada in the release.
"The poll clearly shows that Canadians are so preoccupied with just getting through the day, that the idea of paying debt feels like a distant dream.”
Between Sept. 7 and 10, 2023, 1,526 Canadians 18 years of age or older participated in the online survey by Pollara Strategic Insights. A representative sample of this size would be considered accurate to within ±2.5 per cent, 19 times out of 20. Results have been weighted using the latest Stats Can data to be representative of the Canadian population.