Women, youngsters most stressed financially

Canada, 22nd December: Young Canadians and women are most stressed about their finances, findings of a latest survey suggest.

And the rate of financial strain among Canadians has gone up considerably as compared to the last year, the findings indicate.

Canadians stung by financial strain—At least 36 percent Canadians admit being under financial stress, findings of the survey by Ipsos Reide, And nearly fifty percent of such Canadians fall in the age group between 18 and 34 years. The survey involving around 2,131 Canadian adults showed that those aged 55 years and above were, however, least bothered by their financial woes with just 20 percent of them showing more worries as compared to the previous year.

Women more worried about money than men in Canada—The number of male Canadians having financial stress is stated to be just 27 percent while the number of female Canadians showing worries about their finance is nearly 43 percent.

One of the reasons why women are more bothered about finances is due to the fact that it is they who take vital decisions about buying for their families, states a psychotherapist based in Toronto, Kimberly Moffit. And hence, they have to deal with numerous financial transactions every day, she informs.

And the reason why youngsters are more concerned about finances since majority of them are without any financial planning, Moffit states. Living in a world marred by tough financial times increases their financial worries further.

Moreover, young people feel uneasy facing a life after completing their schools as they are not prepared for such tough things. It is not just the finances, young Canadians and women also expressed increased concerns about their career than a year ago. Nearly 25 percent of women in Canada and 30 percent of young people aged between 18 and 34 years felt worried.

Financial strain blamed to global crisis—Global financial uncertainties are the reason for increasing financial strain among women and young people, says senior vice-president of Sun Life Financial Canada, Kevin Strain.

The world is witnessing highly volatile share markets along with decreasing rates of interest. No wonder, such things are leading to high rates of unemployment not only in Europe but even in the US and Canada, he adds. That’s exactly what is raising anxiety levels of people with regard to their careers and finances, he maintains.