A survey conducted by Manulife Financial reveals that 42% of working Canadians feel distracted on the job because they are worrying about money. Those who manage their own finances were more likely to be anxious than those who rely on an advisor.
Manulife’s Financial Wellness study found that 70% of respondents worry about their financial situation often or sometimes. People who had a low level of confidence about their overall finances (e.g., budgeting, retirement, investing, managing debt) were more inclined to fret, with 85% saying they worried about money often or sometimes. However, those who had a high amount of confidence in their financial position were about half as likely to feel distressed.
The study also showed a correlation between do-it-yourself investors and people with a low level of financial wellness, which may suggest a link between feelings of security and having guidance and advice. Asked for their reaction to the statement “I prefer to manage my finances myself and not rely on an advisor”, 66% of people with poor financial health agreed, but only 48% of those with a high level of financial wellness indicated they felt the same way.