Nearly 85% of Quebecers feel financial anxiety

Nearly 85% of Quebecers experience anxiety in the summer ; financial

DAY

Nearly 85% of Quebecers experience financial anxiety, but it turns out to be rather mild, according to a new index released Tuesday by Centraide and Léger. 

The financial anxiety index is currently at 38.8 on a basis of 100, which indicates that anxiety remains relatively mild for the entire Quebec population.

Indeed, of those surveyed who say they feel financial anxiety, only 42% rate it as moderate to extreme.

The most important causes of anxiety are debt repayment and money available for retirement, unexpected expenses and the inability to access property.

More than one in two young people aged 18 to 34 (55%) fall into these levels.

< p>“The ever-increasing rate of inflation is a great source of anxiety. The results correspond to what we perceive on the ground: as in the heart of the pandemic, the current situation affects vulnerable people more, “said Claude Pinard, President and CEO of Centraide of Greater Montreal.

< p>Groups of people at greater risk of poverty are more represented in severe and extreme anxiety levels, including respondents with an annual family income of less than $40,000, single parents, women, people with functional limitation and those without a postsecondary diploma.

“This financial anxiety index, developed for Centraide, is a first, because it makes it possible to establish the intimate links between financial anxiety , financial literacy, the more general mental health status of Quebecers and the socio-economic factors that affect them,” added Christian Bourque, Executive Vice-President, Montreal office of Léger.

L Centraide's financial anxiety index is the result of a calculation based on three main variables: financial and family situation, financial literacy, as well as concern about various financial aspects (food expenses and housing , debt repayment, etc.).

The index is based on an online survey conducted on the LEO platform between August 25 and September 20, 2022, among a sample of 2001 Quebecers aged 18 years and older.