Home News and Politics You Won’t Believe How Worried Canadians are about Money! Shocking RBC Poll Results Especially for Young Adults

You Won’t Believe How Worried Canadians are about Money! Shocking RBC Poll Results Especially for Young Adults

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You Won’t Believe How Worried Canadians are about Money! Shocking RBC Poll Results Especially for Young Adults

Canadian Adults, Especially Younger Adults, Experience Mental Health Impact due to Inflation: RBC Poll

A recent poll commissioned by RBC reveals that Canadians of all age groups are feeling the effects of inflation on their mental health. However, younger adults seem to be particularly impacted. The survey, conducted by Ipsos and involving 1,001 Canadians over the age of 18, aimed to assess financial well-being in the country.

The poll found that 40% of Canadian adults reported losing sleep due to financial worries. This is not surprising, considering the rising food bank usage and increasing debt among Canadians. However, when looking specifically at millennials (ages 27-42) and generation Z (ages 18-26), the numbers were even higher. Among millennials, 53% reported difficulty sleeping, while for generation Z, it was 48%. In comparison, gen-Xers (ages 43-58) reported a sleep disruption rate of 43%.

The survey consistently indicated that younger respondents experienced higher levels of financial stress compared to the national average. Many of them reported that financial concerns were impacting their mental health. Among millennials and generation Z, 63% said that stressing about money affected their mental well-being, while among gen-Xers, it was 54%.

Similar results were observed regarding the impact of financial stress on personal relationships. Fifty-nine percent of millennials and 53% of generation Z reported strained relationships due to money woes, compared to a national average of 43%.

Neil McLaughlin, Group Head of Personal and Commercial Banking at RBC, highlights the close connection between personal and financial well-being. Canadians living from paycheck to paycheck or uncertain about their financial future often experience decreased overall well-being.

The survey’s findings align with a previous study by Mental Health Research Canada, which reported that economic issues were impacting the mental health of 39% of adults polled. Notably, 41% of Canadians facing financial hardship admitted to having considered suicide in the past year.

The RBC poll also revealed regional differences in how Canadians are affected by high prices. Western Canada and the Atlantic provinces consistently reported feeling more financial stress compared to the national average, while residents of Ontario and Quebec generally felt less worried.

Overall, the survey underscores the significant impact of financial stresses on mental health and personal relationships. The results emphasize the need for individuals to prioritize financial well-being to alleviate these stressors.

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