Home News and Politics SHOCKING: Canadian Citizens in a State of Restlessness Over Financial Concerns, Millennials Affected Most: RBC Survey Reveals!

SHOCKING: Canadian Citizens in a State of Restlessness Over Financial Concerns, Millennials Affected Most: RBC Survey Reveals!

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SHOCKING: Canadian Citizens in a State of Restlessness Over Financial Concerns, Millennials Affected Most: RBC Survey Reveals!

Canadian Inflation Crisis Taking a Toll on Younger Adults’ Mental Health

A recent poll commissioned by RBC reveals that Canadians of all ages are feeling the impact of inflation on their cost of living. However, younger adults seem to be particularly affected, experiencing a heavy toll on their mental health.

According to the poll, 40% of Canadian adults reported losing sleep due to financial worries. This comes as no surprise, as food bank usage reaches an all-time high and more Canadians are going into debt to stay afloat.

Food banks across Canada face unprecedented demand


Food banks across Canada face unprecedented demand

When looking specifically at millennials (ages 27-42) and generation Z (ages 18-26), the poll found that 53% and 48% respectively reported difficulties sleeping. For gen-Xers (ages 43-58), the number was slightly lower at 43%.

Younger generations consistently polled higher than the national average in terms of financial stress. The younger the respondent, the more stressed they were.

The findings of the poll come from RBC’s 2023 Canadian Financial Wellbeing Survey, conducted by Ipsos and reflecting the demographics of Canadians according to census data.

For millennials and gen-Zers, 63% reported that financial stress was impacting their mental health, compared to a national average of 48%. A majority of gen-Xers also expressed a decline in mental health at 54%.

Similarly, when asked about the impact of financial stress on personal relationships, 59% of millennials and 53% of gen-Zers reported significantly strained relationships, compared to a national average of 43%.

“We know personal well-being is closely tied to financial well-being, particularly for Canadians who are essentially living paycheck to paycheck or are uncertain about what the future holds,” says Neil McLaughlin, group head of personal and commercial banking at RBC.

A report from the Mental Health Commission of Canada following the 2008 recession highlighted the increased risk of suicide, depression, and anxiety during periods of unemployment and financial problems.

The results of the RBC poll align with a recent survey by Mental Health Research Canada, where 39% of adults reported that economic issues were impacting their mental health. Shockingly, 41% of Canadians facing financial hardship revealed that they had considered suicide in the past year.

According to RBC’s findings, certain Canadian provinces are feeling the burden of high prices more than others. Western Canada and the Atlantic provinces consistently reported higher levels of financial stress compared to the national average, while Ontario and Quebec residents generally felt less worried.

Generation X, Y, Z Responses

Response National (18+) Gen X (43-58) Gen Y (27-42) Gen Z (18-26)
Stressing about money is causing me to lose sleep 40% 43% 53% 48%
Stressing about money is affecting my mental health 48% 54% 63% 63%
Finances are causing significant stress in my personal relationships 43% 47% 59% 53%
I would be happier if I had more confidence in my financial future 75% 80% 86% 88%
I think about my money a couple of times every day 30% 31% 41% 34%
My financial situation could be better if I spent more time on it 61% 70% 69% 73%

National and Regional Responses (Canadians aged 18+)

Response NAT’L BC AB SK/MB ON QC ATL
Stressing about money is causing me to lose sleep 40% 46% 39% 50% 39% 37% 44%
Stressing about money is affecting my mental health 48% 53% 49% 59% 46% 44% 57%
Finances are causing significant stress in my personal relationships 43% 46% 46% 42% 36% 44% 65%
I would be happier if I had more confidence in my financial future 75% 80% 73% 80% 75% 69% 86%
I think about my money a couple of times every day 30% 31% 37% 42% 29% 25% 36%
My financial situation could be better if I spent more time on it 61% 59% 53% 50% 60% 66% 81%

According to RBC’s findings, certain provinces in Canada are experiencing more financial stress than others. Western Canada and the Atlantic provinces consistently reported higher levels of stress, while Ontario and Quebec residents generally felt less worried.

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