omni report: financial stress -...
TRANSCRIPT
OMNI REPORT:
FINANCIAL STRESSMay 7, 2018
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QUANTITATIVE RESEARCH INSTRUMENTAn online survey of 1106 Canadians (excluding Quebecers) was completed between March 30 to April 2, 2018, using Leger’s online panel, LegerWeb. The margin of error for this study was +/-3.0%, 19 times out of 20.
ABOUT LEGER’S ONLINE PANELLeger’s online panel has approximately 400,000 members nationally and has a retention rate of 90%.
QUALITY CONTROLStringent quality assurance measures allow Leger to achieve the high-quality standards set by the company. As a result, its methods of data collection and storage outperform the norms set by WAPOR (The World Association for Public Opinion Research). These measures are applied at every stage of the project: from data collection to processing, through to analysis. We aim to answer our clients’ needs with honesty, total confidentiality, and integrity.
METHODOLOGY
THE RESULTS
Money
Personal Health
Work
Relationships
CANADIANS ARE MOST STRESSED ABOUT MONEY
0001 In general, what tends to cause you the most stress in your life?Base: All (2014: n=1005; 2018: n=1106) Canadians (excluding QC) 4
41%
17%
23%
19%
• Four-in-ten (41%) Canadians (excluding Quebecers) rank ‘money’ as their greatest stress, which is consistent with 2014 data.
• Canadians with low-incomes (<$40K/year) are most likely to select ‘money’ as their greatest source of stress (60%).
2014
41%
14%
22%
23%
2018
60%40% 31%
<$40K $40K-$79K $80K+
INCOME
ATLANTIC CANADIANS AND MANITOBANS ARE MOST LIKELY TO SAY MONEY CAUSES THE MOST STRESS IN THEIR LIFE
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TOTAL ATL ON MB/SK AB BC
MONEY 41% 55% 40% 52% 39% 37%
PERSONAL HEALTH 23% 21% 22% 22% 25% 22%
WORK 22% 14% 23% 19% 21% 23%
RELATIONSHIPS 14% 10% 15% 8% 15% 18%
0001 In general, what tends to cause you the most stress in your life?Base: All (2014: n=1005; 2018: n=1106) Canadians (excluding QC)
EMBARRASSED BY LACK OF CONTROL OVER FINANCES
0002 How often, if ever, do you feel embarrassed about lacking control over your current financial situation?Base: All (2014: n=1005; 2018: n=1106) Canadians (excluding QC) 6
• More than half (51%) of Canadians (excluding Quebecers) report that they are ‘Always / Sometimes’ embarrassedabout lacking control over their current financial situation.
• Compared to 2014, the proportion of Canadians (excluding Quebecers) who report that they are ‘Always / Sometimes’ embarrassed about lacking control over their current financial situation has increased significantly (51% in 2018 vs 44% in 2014).
• Millennials (aged 18-34) and lower-income Canadians (<$40K/year) are most likely to feel this way (70% and 61% respectively).
51%
12%
39%
26%
20%
2%
ALWAYS / SOMETIMES
Always
Sometimes
Rarely
Never
No Answer
44%
12%
33%
33%
22%
1%
2014 2018 70%57% 56% 46%
34%
18-34 35-44 45-54 55-64 65+
AGE
61% 54% 46%
<$40K $40K-$79K $80K+
INCOME
LOSING SLEEP OVER FINANCIAL WORRIES
0003 How much do you agree, or disagree, with the following statement: I have lost sleep because of financial worriesBase: All (2014: n=1005; 2018: n=1106) Canadians (excluding QC) 7
• Approximately half (48%) of Canadians (excluding Quebecers) say they’ve lost sleep because of financial worries.
• Women are significantly more likely than men to say they’ve lost sleep over financial worries (51% vs. 44%).
• Canadians (excluding Quebecers) who are embarrassed about lacking control over their finances (vs not embarrassed) and those who feel pressure to keep up with their friends financial status (vs no pressure) are significantly more likely to say they’ve lost sleep over financial worries (66% vs 28% and 67% vs 42% respectively).
48%
16%
32%
27%
24%
2%
AGREE
Strongly Agree
Somewhat Agree
Somewhat Disagree
Strongly Disagree
No Answer
51% 44%
WOMEN MEN
GENDER46%
13%
32%
25%
28%
1%
2014 2018
MANITOBANS ARE MOST LIKELY TO HAVE LOST SLEEP OVER FINANCIAL WORRIES
0003 How much do you agree, or disagree, with the following statement: I have lost sleep because of financial worriesBase: All (2014: n=1005; 2018: n=1106) Canadians (excluding QC)
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TOTAL ATL ON MB/SK AB BC
AGREE 48% 55% 47% 62% 47% 41%
Strongly Agree 16% 17% 14% 19% 19% 14%
Somewhat Agree 32% 38% 32% 43% 28% 27%
DISAGREE 50% 44% 52% 36% 51% 56%
Somewhat Disagree 27% 29% 26% 17% 24% 33%
Strongly Disagree 24% 14% 25% 19% 27% 22%
No Answer 2% 1% 1% 2% 2% 3%
PRESSURED TO KEEP UP WITH PEERS’ FINANCIAL STATUS
0004 To what extent, if at all, do you feel pressure to keep up with your friends’ or colleagues’ financial status?Base: All (2014: n=1005; 2018: n=1106) Canadians (excluding QC)
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• One-quarter (23%) of Canadians (excluding Quebecers) report that they feel pressure to keep up with their peers’ financial status.
• Millennials (aged 18-34) and parents with young children (<18 years of age) are significantly more likely to feel pressure (52% and 38% respectively).
23%
5%
18%
27%
49%
2%
PRESSURED
Very Pressured
Somewhat Pressured
Not Very Pressured
Not At All Pressured
No Answer
52%37%
16% 12% 4%
18-34 35-44 45-54 55-64 65+
AGE
38%16%
YES NO
CHILDREN AGED <18
20%
3%
18%
31%
47%
2%
2014 2018
CANADIANS WISH THEY SAVED AND INVESTED MORE
0005 What is your greatest financial regret – that is, if you could go back in time and do things differently, what would that be? (open ended question) Base: All (2018: n=1106) Canadians (excluding QC)
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• More than eight-in-ten (83%) Canadians (excluding Quebecers) report having at least one financial regret.
• Among Canadians top financial regrets are: not saving and investing more money, not investing in real estate/property and not furthering their education.
13%12%
8%7%
5%5%
4%4%
3%3%
2%2%2%
1%1%
9%10%
7%
I would have saved money/more money/saved earlier
Invested more / invested earlier
I would have bought a property/ invested in real estate/land
I would have done more schooling/higher education/ different stream
I would have avoided debts/ not overspent on credit cards
I would have made the right decision when selling/buying a property
I would have kept my job/ worked longer/ wouldn't retired earlier
I would have been more responsible with money/ budgeted better
I would have saved more for retirement/ retirement plan
I would have spent less money on leisure/gambling
I would have tried to get a higher paying job
I wouldn't have bought a car
I would have spent less money
I would have had a separate bank account with spouse / no divorce
Avoided bankruptcy / managed business better
Other
No Regrets
No Answer
83% of Canadians
have at least one financial regret.
THE TEAM
Lisa CovensVice-President
Communications and Public AffairsO: 416-964-4107
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THE TORONTO PR TEAM
Ashley SimacResearch Director
Communications and Public AffairsO: 416-964-4114
@leger360 /LegerCanada /company/leger360 @leger360leger360.com