40 percent of Canadians are “financially unwell”

Published: March 25, 2017

Updated: July 24, 2018

Author: Luke Jones

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Manulife has released results of a recent survey that show most Canadian feel they are fincncially secure, but nearly half believe they are not managing their finances well.

According to the results of the Manulife Financial Wellness Index, 40 per cent of Canadian admit to being “financially unwell” and 81% of overall respondents say that money is a major cause of stress. So much so that 49% say the money worries make them distracted at work.

Manulife defined financial wellness as an ability to manage a financial situation. This includes planning for retirement, day-to-day living, debt management, investment, insurance, and financial stress.

The company says its index shows that financial wellness is crucial to achieving a long life and satisfaction in life. Respondents who feel they are financially well are also more like to say they eat more vegetables (79%), are in good (45%) or excellent (25%) physical condition, get more exercise (68%) and go to regular check up (61%).

Furthermore, the report says that group benefits for employees can also be important for determining financial wellness for some people.