The older we get, the less we fret about finances
By Jennifer Hughes
Most of us worry about making ends meet and a retiree’s relatively fixed income doesn’t help, but a recent survey suggests that older Canadians spend about half as much time worrying about money as those 18 to 34.
According to a survey commissioned by Scotiabank, which looked at Canadian perceptions on saving and how much time we spend worrying about money, those 55 or older spend an average of 1.4 hours a day fretting about their finances, but millennials spend nearly twice as much time worrying—2.4 hours a day. Those 35 to 54 worry for two hours each day.
More than half of respondents said they feel overwhelmed by the numbers of investment options available and many lack confidence when it comes to managing their money.
Debt has been on the minds of many Canadians lately and many feel trapped by it, as it makes it increasingly difficult for Canadians to plan for the future. Two-thirds of respondents (67%) with debt stated that they find it difficult to save or invest money while also paying off their overdue payments.
Atlantic Canadians spend the most time worrying—3.4 hours a day—followed by Albertans (2.7) and those in Manitoba and Saskatchewan (2.4). By contrast, Quebec residents spend the least amount of time thinking about money problems, an average of only 5 hours a week). Not surprisingly, the poll also discovered that those with higher household incomes spend far less time worrying than those with lower earnings.