Stress levels rising in Canadians due to financial insecurity related to COVID-19, survey says
Posted September 8, 2020 7:10 am.
With the uncertainty in the job market caused by the COVID-19 outbreak, nearly half of Canadians say they’re feeling less financially secure, and as those stress levels rise, it’s having a negative effect on mental health.
That’s according to a new survey by Sunlife, which shows the interconnected nature of health and finances.
Younger Canadians feel least financially secure across all demographics, which may be no surprise since the 18-25 age group has seen the highest levels of unemployment.
More than half of young people have made changes to their financial goals and many have had to dip into their savings to pay the bills.
Those feeling most secure are getting third-party financial assistance, financial stress levels decline for those working with an advisor, although just six per cent of those surveyed say they’ve asked for outside assistance on their finances since the pandemic started.
