Vulnerable populations are impacted in
particular
MONTREAL, April 30,
2024 /CNW/ - The fourth survey of the financial
anxiety index carried out by Centraide of Greater Montreal in collaboration with Leger
has revealed that half of Quebeckers (48%) are feeling significant
(moderate to extreme) levels of financial stress. This is a notable
increase, as the rate recorded from the first survey in
November 2022 was 42%. The average
financial anxiety index score also increased from 38.8 to 40.5. A
significant majority of Quebeckers, or 86%, are therefore
experiencing financial anxiety to varying degrees.
Since the first survey 18 months ago, financial anxiety at high
levels has risen particularly among vulnerable populations and
certain groups: people who are unemployed (75% vs. 55%), people
with functional limitations (71% vs. 62%) or low incomes (65% vs.
49%), young people aged 18 to 34 (65% vs. 55%), parents (63% vs.
42%), and women (55% vs. 47%).
The study respondents who reported a poor financial situation
are also at a greater risk of experiencing symptoms that could
affect their mental health. For example, nearly 80% struggle to
sleep because of their finances, and 64% said that they have
trouble concentrating at work or school. More than half (56%) said
that their financial situation has caused family conflicts or
tension among household members.
"The goal of the financial anxiety index is to identify people's
concerns about their financial health and track changes in these
concerns over time. The rise in this index shows that financial
anxiety has persisted for a large number of Quebeckers," said
Christian Bourque, Executive Vice
President at Leger. "So many people are walking a tightrope, and
this constant balancing act, in which every expense risks knocking
them over, not only compromises their quality of life but also
impacts their mental health."
"This survey shows that some population groups are more affected
by financial anxiety than others. The results are consistent with
what we are seeing in the field, which is continued concern about
everyday expenses that can affect mental health," said Claude Pinard, President and Executive Director
of Centraide of Greater Montreal.
"High financial stress is more likely to hit people who live on a
low income as well as specific population groups. This data once
again emphasizes the importance of providing ongoing support to
community agencies to help people who are going through difficult
situations."
Food and housing costs continue to top the list of people's
concerns. Half of the respondents said that they are worried about
their food expenses (56%) and the cost of housing (48%).
Apprehensions about food and housing are particularly pronounced
among single-parent families and people with functional
limitations. One tenant in four fears being evicted from their
home. This situation mainly affects parents, racialized people,
people experiencing food insecurity, and people with poor financial
health.
In relation to people's future financial prospects, more than
half of 18- to 34-year-olds (60%) fear they will never have enough
money to own their own home. One respondent in two (48%) is worried
about a major unexpected expense, a rate that rises to 96% among
people experiencing extreme anxiety.
Agencies in Centraide's network provide services in a variety of
areas, including mental health (listening, support and referral
services), food security (food donations, group purchases,
collective kitchens, collective gardens), housing (tenant advocacy,
support to solve problems), and financial literacy (workshops on
budgeting, consumer habits, debt and credit management).
To consult the study, click here.
About Centraide of Greater Montreal
A true agent of change, Centraide of Greater Montreal is a public foundation whose
mission is to bring people together and take action for an
inclusive and poverty-free Greater
Montreal. To achieve this goal, it supports a network of 375
community agencies and projects in Laval, in Montreal and on the South Shore that improve
the living conditions of vulnerable people. Centraide works with
the Greater Montreal population
and with communities, businesses, institutions and philanthropic
organizations. Its history dates back 50 years, when five charities
merged into one entity. In 2023, Centraide invested $61.8 million in the community, which represents
over 86% of the money raised. Every year, nearly 800,000 people
benefit from the help of the agencies that it supports. For more
information or to contribute to Centraide's campaign, visit
centraide-mtl.org.
About Leger
Leger is the largest Canadian-owned market research and
analytics company, with more than 600 employees in eight Canadian
and US offices. Leger has been working with prestigious clients
since 1986. For more information: leger360.com.
SOURCE Centraide of Greater
Montreal