Tellingly, the percentage of Canadians who say they have no regrets is much higher (27% vs. 17%) among those who consult with professional financial advisers.
Homeownership was also revealed as a major pressure point for financial regret. Given the heated real estate markets in both provinces that have priced out so many would-be home buyers, British Columbians and Ontarians are the most likely to think they should have purchased a residential property sooner than they did (13% and 10%, respectively).
E-commerce and online shopping, which became even more of a fixture of everyday life during the pandemic, was a particularly strong source of regret for young Canadians. Compared to other groups, respondents between the ages of 18 and 24 who are digital natives and conduct most of their shopping online are more likely to believe they should have cut back on their spending in the past (21% vs. 13% nationally).
Still, young Canadians are looking forward with optimism. Survey participants aged 18-34 were more likely than their older counterparts (54% vs. 47%) to say they’re more hopeful about their financial future today compared to what they felt in 2021.
The report also showed that Canadians are anxious about money no matter their gender, sexual orientation, ability, location, culture, income, or stage of life. And while they’re aware of the steps necessary to manage their finances, many find it difficult to take additional steps to reduce their stress, such as paying off debt and creating a financial plan.
