Inflation is cooling, why are Canadians still so stressed out financially?

Two years ago, annual inflation was north of 8%. These days it's close to two. But money related stress is off the charts. According to personal finance expert Rubina Ahmed Hawk, many people are now facing layoffs and the cuts to their contracts because companies are not able to keep people on staff because they they're also struggling with the higher cost of doing business. Households bottom lines are under pressure from years of soaring inflation, rapidly rising borrowing costs designed to slow spending, plus international factors making life more expensive, like rising oil prices. A new online survey by Leisure and FP Canada shows 44% of respondents say money is their number one source of stress, rising 6 percentage points from similar polling in 2022. The cause? Higher grocery prices, overall inflation and housing costs. Take, for example, inflation at the grocery store. Prices rose just one point, 4% annually, in April. But look at the bigger picture. Grocery prices are up more than 21% since April 2021, according to Statistics Canada. Young workers aged 35 and under in particular, report facing anxiety, depression and other mental health challenges because of money worries they are dealing with, you know, elevated housing prices, elevated rent prices. Financial planner Megan McPherson says tracking expenses is a good first step towards getting a handle on your money issues. Ahmed Hawke says a clear financial picture of your income, spending and debt can shed light on areas to cut back splashy vacations subscriptions. Hobbies or even bigger lifestyle changes. A lot of people are selling their home because they can't afford the mortgage payment anymore or they're moving out of a major city center because it's become too expensive. And Gaviola Global News Toronto.