Canadians continue to feel the heat of expenses as money worries maintain their #1 position among their biggest stressors for the sixth consecutive year.

Non-profit organization FP Canada has released its Financial Stress Index for 2023, and things look pretty grim.

Inflation, higher food and gas prices, soaring rents, and a generally higher cost of living have left people drained nationwide to the point that half of the country (48 per cent) has lost sleep over finances.

Last year, this number stood at 43 per cent, which was already concerning. To see that it's grown by 5 per cent is alarming.

According to the Financial Stress Index, one in three (36 per cent) Canadians have experienced mental health challenges like anxiety and depression due to their financial situation.

FP Canada found that at least 40 per cent consider finances their most significant stressor.

FP Canada’s 2023 Financial Stress Index shows that money remains the top source of stress among Canadians, driven by concerns over inflation, grocery prices and the cost of gas.

More findings here: https://t.co/jEWEEEmrMr

#FinancialPlanning #CFP #QAFP #FSI2023 pic.twitter.com/I39pArdIzJ

— FP Canada (@OfficialFPCan) June 15, 2023

FP Canada got Leger to survey more than 2,000 Canadians for its Financial Stress Index.

After money, personal health was the biggest stressor (23 per cent), relationship stress came in third (17 per cent), and work stress fourth (16 per cent).

"As Canadians struggle to afford groceries, gas, and other goods and services, nearly half (48 per cent) have less disposable income compared to a year ago, a substantial increase from 2022 (39 per cent)," the Index notes.

A big part of Canadians' money woes is centred around the struggle to save. Thirty-four per cent are actively trying to save more money, 44 per cent are using expense trackers to help them, and 36 per cent are paying down debt.

"Saving enough for retirement (35 per cent) and saving for a major purchase (32 per cent) are two areas of growing concern," FP Canada's report further reads. "Younger generations are also more likely to feel the pinch, and Canadians aged 18-34 are the most concerned about saving for major purchases (50%)."

While working with a professional financial planner may not be on everyone's priority list, FP Canada found that 59 per cent of Canadians who've tried it feel "significantly more hopeful" about their financial future.

Are you feeling the pinch in your wallet this year, too? Tell us your story in the comments.