For many, getting a good night’s sleep is beyond finding an ergonomic pillow or taking some melatonin. Financial stress is weighing heavily on Canadians, with a new survey revealing that 60.4% of respondents go to bed worrying about money. The survey, conducted by Harris & Partners, a Canadian debt relief company, highlights the growing anxiety surrounding personal finances and the emotional toll of managing debt.
“Many Canadians feel trapped in a cycle of financial worry, where concerns about debt, bills, and future stability follow them throughout the day and into the night,” Joshua Harris, a licensed insolvency trustee at Harris & Partners said in a statement.
“This kind of stress doesn’t just impact finances — it affects sleep, mental health, and overall well-being.”
Financial stress causes significant health issues
Experts warn that financial stress can lead to anxiety, depression and physical health issues. More specifically, sleep deprivation linked to money worries can impair cognitive function, weaken the immune system and lead to long-term health conditions.
Beyond individual well-being, financial strain is also affecting relationships.
The survey reveals how 56.6% of respondents have hidden their financial struggles from a friend, partner or family member, demonstrating the stigma and emotional burden associated with financial hardship, leading to isolation and emotional distress.
Why are so many Canadians struggling?
Broadly speaking, Canadians are finding it difficult to keep afloat due to these ecnomic concerns, according to Harris & Partners, three main factors are contributing to the struggle:
- Rising cost of living: Inflation has driven up the cost of essentials, making it harder for households to cover basic expenses.
- Debt pressures: Many Canadians carry significant credit card, personal loan and payday loan debt, which adds to financial strain.
- Lack of safety nets: Without emergency savings, unexpected expenses can cause financial distress and force individuals to rely on borrowing.
"The financial challenges Canadians face today are more pressing than ever," Harris said.
"Many individuals are working hard, yet still find themselves struggling to cover everyday expenses. This is an alarming trend that highlights the need for better financial support systems."
Elsewhere within the survey, 45.1% of respondents say they have taken on extra work, such as side jobs or overtime, just to cover regular expenses, while a further 52.6% report having less than $200 left after paying their monthly bills and debt, leaving them highly vulnerable to financial shocks.
How to break free from financial anxiety
Experts emphasize that small contributions to savings can provide a sense of financial security while reducing the reliance on credit for unexpected expenses. Here’s our helpful savings calculator to help you pinpoint how much you could be stowing away based on your income and expenses.
Other key steps include:
- Creating a financial plan: Better management of income and expenses allows individuals to make informed financial choices.
- Seeking professional guidance: Financial advisors can help you explore options for debt management and financial recovery.
- Prioritizing mental health: Financial stress is not just about numbers; it affects emotional well-being. Seeking support through therapy, counselling or financial literacy programs can help you regain confidence in establishing a better financial future.
“Taking control of your finances starts with small, manageable steps,” Harris said. “Creating a budget, even a simple one, helps individuals track their spending and make informed financial decisions.”
Where to put your money
Putting your money in a regular savings account isn’t a bad idea, but the interest rate could be as low as 0.01% a year, which is practically nothing. Thankfully, there’s high-interest savings accounts (HISAs), which give you a place to store cash that earns interest and allows you to access it on demand. They offer some of the best interest rates nationwide in a low risk package.
One of the best options in Canada is the EQ Bank Notice Savings Account, where you choose an interest rate at either 3.00% or 3.05%, and that rate will determine how much notice you need to give for any withdrawals. Your interest is earned daily, paid monthly and you can keep making deposits and watching your money grow. Sign up for the EQ Bank Notice Savings Account today.
Strengthening financial literacy
With a vast majority of Canadians struggling with financial stress before bed, both individual and systemic action is needed to create a brighter financial future.
Improved financial literacy, greater access to debt relief solutions and stronger consumer protections are needed to support those facing financial hardship, according to Harris & Partners.
“Financial struggles don’t just affect bank accounts; they affect lives, relationships, and health,” Harris said.
“It’s important for those struggling to know they’re not alone, and that help is available.”
Survey methodology
These findings come from a survey conducted by Harris & Partners in February 2025, which engaged 1,332 Canadians aged 18 and older. The survey was conducted via an online panel and reflects a broad cross-section of demographics, including age, gender, and relationship status.
This article Are the stresses of everyday finances taking a toll on your mental and physical health? You’re not alone: An alarming amount of Canadians go to bed worrying about money, study findsoriginally appeared on Money.ca
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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