Many Quebecers fear for their ability to cover essential daily expenses such as housing, food or transportation. (Photo: 123RF)
As Financial Literacy Month begins, just over one in 10 Quebecers report experiencing severe to extreme financial anxiety, according to the first edition of a Financial Anxiety Index compiled by Centraide of Greater Montreal in collaboration with Léger.
The index is based on a survey of 2001 Quebecers aged 18 and over between August 25 and September 2.
According to the Index’s results, 12% of Quebecers say they suffer from severe or extreme financial anxiety. For 30% and 43% of those surveyed, the level is moderate or easy.
Only 15% of Quebecers say they don’t have any financial worries right now.
Overall, the Centraide Index for financial anxiety is 38.8 out of 100, “suggesting that anxiety remains relatively low for the entire Quebec population,” according to a press release.
The index is composed of three categories of variables, namely ‘Respondents’ financial and family situation, their financial knowledge and their concerns about various financial aspects’. The higher the final grade, the higher the financial anxiety.
Taking into account the 42% of respondents whose anxiety is moderate to extreme, the study’s authors argue that they are “anxious about paying off their debts and having the money available for their retirement, while facing unexpected expenses and their inability to access property.” to fear”, even fear for their ability to cover essential expenses of daily living such as housing, food or transport. The situation is particularly difficult for 18 to 34 year olds, 55% of whom find themselves in this age group.
According to the study’s authors, groups at risk of poverty are more strongly represented in terms of severity and extreme anxiety, “particularly respondents with annual family incomes of less than $40,000, single-parent directors, women, those with a functional disability, and those without a high school diploma.”
However, Centraide and Léger state that it is not possible to calculate a margin of error for a sample drawn from a panel. For comparison, the maximum margin of error for a sample of 2001 respondents is ±2.2%, 19 out of 20.