Cash woes hurting shoppers' wallets… and minds
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Leger, a Canadian-owned market and analytics firm, performed the survey for FP Canada within the spring. It surveyed 2,004 Canadians nation-wide on-line. It confirmed that, for the sixth 12 months, cash remained the highest supply of stress for 40% of these Canadians, which was greater than the variety of these involved about private well being (23%), relationships (17%), and work (16%).
One-third – 36% – of these Canadians mentioned they’re experiencing psychological well being challenges, similar to anxiousness or despair, resulting from monetary stress.
As they wrestle to afford groceries, gasoline, and different items and companies, the survey confirmed nearly half – 48% – of the Canadians surveyed had much less disposable earnings in 2023 than a 12 months in the past. Solely 39% reported feeling that stress in 2022.
Cash Woes Squeeze Lives
Mirza mentioned the survey confirmed that considerations about funds aren’t solely impacting Canadians’ sleep, but additionally making an more and more detrimental influence on different areas of their lives. It was impacting 16% of their marriages and relationships in 2023 in comparison with 15% in 2022. It was inflicting a lack of productiveness for 16% of them in 2023 in comparison with 15% in 2022. It was additionally resulting in substance abuse for six% of these surveyed in 2023 versus 4% in 2022.
Mirza attributed the regular climb of detrimental outcomes, even post-pandemic, to all of the components which are nonetheless impacting Canadians’ funds, together with rampant inflation and elevated gasoline and grocery costs.
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