Canadians consider groceries and gas to be top financial stressors in 2022
On the other hand, Canadians listed 2022 top financial priorities are setting up an adequate emergency fund (54%) and paying down debt (48%). Saving for retirement, traveling or going on vacation, and saving for home renovations also count as major financial priorities among Canadians.
PolicyMe CEO Andrew Ostro said in a statement, “As we enter a new year, we wanted to take a closer look at how Canadian families are feeling about their financial situations, and our findings were a paint a very mixed picture.”
“While inflation, rising interest rates, and concerns about housing affordability are causing stress for many families, Canadians have a positive outlook for 2022: they feel in control of their finances, they lose a portion of their income. Higher percentages are saving, and they have a strong sense of financial resilience,” Ostro said.
Based on the study, 42% of Canadians disclosed that they felt more financially stressed in the last year than in 2020. Families with children experienced more monetary stress (47%) than those without children (39%).
Regionally, Albertans reported being the most economically stressed (50%), with Saskatoon/Manitoba as second (49%). Last year, half of Canadians (51%) had to pull out of their financial savings or investments because they made unexpected expenses. Fifty-six percent of Albertans pulled out of their financial savings or investments – which made them most likely to do so – and 55% of the prairie did the same.