Stress over money is not only causing Gen X, Y and Z to lose sleep, it’s also having a negative effect on their mental health and personal relationships, according to the RBC Canadian Financial Wellbeing Survey – Fall 2023 Edition.
Compared to 40% of all Canadian adults surveyed, Gen Y (Millennials) are the most likely to have a difficult time sleeping because they are worried about their finances (53%), followed by Gen Z (48%) and Gen X (43%). And while just under half (48%) of all respondents reported their mental health is also being negatively affected, this was true for a much larger proportion of Gen Y and Gen Z (63% each) and Gen X (54%).
Furthermore, 59% of Gen Y, 53% of Gen Z, and 47% of Gen X report having “a significant amount of stress” in their personal relationships related to their finances, compared to the national average of 43%. And a big majority in all three generations agree they would be happier if they had more confidence in their financial future (88% Gen Z, 86% Gen Y, 80% Gen X).
“We know personal wellbeing is closely tied to financial wellbeing, particularly for Canadians who are essentially living paycheque to paycheque or are uncertain about what the future holds,” says Neil McLaughlin, group head, Personal & Commercial Banking, RBC. “Many Canadians deal with a lack of confidence when it comes to understanding their finances, which affects their ability to make sound financial decisions.”
The poll findings showed that while money is on the minds of all three generations, with almost a third or more of Gen X (31%), Gen Y (41%) and Gen Z (34%) thinking about money a couple of times daily, more than two-thirds responded that their financial situation could be better if they spent more time on it (70%, 69% and 73% respectively).
A new digital destination – RBC My Money Matters – brings a vast array of financial advice and expertise together in one place, to make it easier for Canadians to learn about money and take control of their finances. Available at no cost, this new website is a helpful repository of comprehensive content, resources and tools to support financial wellbeing and ideally make thinking about money less stressful.
“We’ve built My Money Matters to provide useful insights and resources to help Canadians make more informed financial decisions and explore related resources. Our hope is that whatever someone’s personal situation might be – trying to save, managing debt, starting a business – they will find some helpful information guidance here,” McLaughlin added. “Our ultimate goal is to help Canadians develop the financial knowledge, skills and confidence to build a strong financial foundation with money and take control of their long-term financial wellbeing.”
My Money Matters has arranged accessible content into six categories.
Debt and Stress Relief – provides valuable, judgment-free guidance on managing debt and dealing with unexpected events
Goals and Aspirations – highlights ways you can simplify saving to achieve your goals, such as buying a home, travelling or retiring
Life Events – helps you prepare for the big things in life, from marriage and parenthood to changing jobs and dealing with health issues
Money Academy – explains everything from banking, budgeting and investing to cyber security and how the economy impacts your money
Business – shares expertise for starting and growing a business
Ideas and Voices – presents some of the best ideas and information through various podcast and video series to help you make smarter financial decisionsTo check out content, resources and tools to help you with everything from managing to your day-to-day cash flow to achieving your more immediate and longer term goals, please visit RBC My Money Matters.
About the RBC Canadian Financial Wellbeing Survey – Fall 2023 Edition
A total of 1,001 surveys were completed online by Ipsos among Canadians aged 18+ from August 17 to 21, 2023 using the Ipsos I-Say Panel. Quota sampling and weighting was employed in order to balance demographics and ensure that the sample’s composition reflects that of the actual population of Canadians, according to Census data. The precision of online polls is measured using credibility interval. In this case, the results are accurate to within ± 3.5% percentage points, 19 times out of 20, of what the results would have been had the entire population of adults in Canada been surveyed. Credibility intervals will be wider for smaller subsets of the population.
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 97,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 17 million clients in Canada, the U.S. and 27 other countries.