Canadians face own stress test
November 30, 2018
Canadians don’t need the federal government to provide a stress test for borrowers—many are creating their own financial stress test.
The percentage of Canadians stressing out over their finances is reaching a critical high, according to a new survey from Capital One Canada and Credit Canada Debt Solutions.
A full 30 per cent of those surveyed cited financial stress as a larger worry than their overall health, with 44 per cent saying it’s impacting their mental health.
“These results demonstrate that most Canadians worry about their finances every day for about an hour, which is equivalent to the amount of time we spend eating,” said Laurie Campbell, Credit Canada’s CEO.
Some additional findings: 56 per cent of Canadians say they are willing to make drastic sacrifices to become debt-free; 60 per cent say they are taking steps to reduce their financial stress.
Banks are also adding to this stress level as most major banks now opt for a stress test on home equity lines of credit to curb a growing appetite for such borrowing.