FP Canada 2024 Financial Stress Index: What Worries Canadians

Money remains a top source of stress for many Canadians, yet surprisingly more people are feeling hopeful about their financial futures.

That tension between worry and optimism emerges in FP Canada’s 2024 Financial Stress Index, a widely watched survey that examines which financial issues concern Canadians most. The report confirms persistent worries about saving enough for retirement, managing everyday bills and expenses, and accumulating funds for major purchases such as a home, car, wedding or children’s education.

The statistics are clear: 44% of respondents named finances as their primary stressor, up from 40% in 2023 and 38% in both 2021 and 2022. External pressures—high grocery prices (69%), inflation (60%) and housing-related costs (52%)—are driving much of that stress.

Those pressures have taken a toll on mental health, with anxiety and depression more commonly reported, particularly among Canadians under 35. The full report includes many details; below is a closer look at why Canadians feel the way they do about money and what actions they’re taking to improve their situation.

How are Canadians taking control of their finances?

Despite tougher economic conditions, nearly half of Canadians surveyed feel optimistic about their financial future. Financial planner Tina Tehranchian, CFP, a senior wealth advisor at Assante Capital Management Ltd., points to action as a key driver of that optimism.

“The level of optimism has actually increased, and the economic conditions are tougher for sure,” Tehranchian says. “But more than 91% of people have taken at least one step to put their financial house in order, and that sense of control creates hope.”

Common steps include paying down debt—rising to 38% from last year’s 36%—and tracking spending, which increased to 45% from 44% in 2023. These practical measures help people feel less helpless and more empowered to change their financial trajectory.

Working with a financial professional also correlates with greater optimism—56% of those who use professional advice report a positive outlook. Tehranchian recommends seeking someone with accredited credentials such as QAFP or CFP, noting professional guidance can accelerate learning, improve decision-making and deliver better outcomes.

The financial stress of Canadians under 35

Half of Canadians under 35 say money is their biggest stressor. Tehranchian attributes this to inflation, housing affordability and rising grocery costs, among other pressures. Yet even in this younger group, optimism has climbed.

“There are things we can’t control—like inflation or central bank policy—but there are actionable steps people can take,” she says. “Budgeting, saving more and paying down debt are areas where individuals can make tangible progress, and many are starting to act.”

The report highlights that younger Canadians are responding by adopting basic financial habits, which is helping to build confidence for the future despite elevated stress levels.

Women more concerned than men about retirement

Concerns about saving for retirement stayed steady at 35% overall from 2023 to 2024, but the report reveals a gender gap: 37% of respondents identifying as women are worried about retirement savings versus 33% of men.

Tehranchian notes several factors behind this disparity: women typically live longer, often face pay equity challenges and can experience income interruptions due to childbearing and caregiving. Those factors can reduce pension accumulation and retirement savings.

“Women need to be particularly mindful of retirement planning,” she says. “It’s encouraging to see growing awareness and action among women about long-term savings.”

Fewer Canadians are working with advisors and planners

Despite growing interest in financial knowledge, many Canadians are not working with professionals. The share using a financial planner (such as CFP or QAFP) fell from 5% to 4%, while those working with a financial advisor rose slightly from 16% to 17%. Overall, the number of people working with any financial professional dipped from 36% to 35%.

Perception remains a barrier: some Canadians assume you must be wealthy to hire an advisor. Tehranchian points out that while some advisors focus on larger portfolios, many are interested in serving younger clients. A larger issue is a shortage of financial planners overall.

Online tools can help those not working with a professional, she adds. The average age of finance professionals is rising, so the industry needs more younger and more female planners to take over existing practices, even as many older advisors continue to work and enjoy their careers well into later life.

Optimistic about your money? You’re not alone

The report’s optimism is rooted in action. “Knowing there are things you can control—and acting on them—helps explain the growing sense of hopefulness,” Tehranchian says. Taking practical steps, whether through budgeting, reducing debt or seeking professional advice, is helping many Canadians feel more confident about their financial futures.

Read more about financial psychology:

• Canadians are financially stressed—is money trauma to blame?
• Where to get help if you’re struggling financially (and mentally)
• How to deal with money and your finances when the economy is stressing you out
• Investing Beyond the Numbers: Understanding financial flashpoints