{"id":105637,"date":"2022-11-29T10:55:00","date_gmt":"2022-11-29T10:55:00","guid":{"rendered":"https:\/\/interac1.wpengine.com\/?post_type=content&p=105637"},"modified":"2025-05-30T19:24:28","modified_gmt":"2025-05-30T23:24:28","slug":"cracks-showing-in-canadians-financial-confidence-as-majority-face-barriers-to-feeling-in-control-of-money","status":"publish","type":"content","link":"https:\/\/www.interac.ca\/en\/content\/news\/cracks-showing-in-canadians-financial-confidence-as-majority-face-barriers-to-feeling-in-control-of-money\/","title":{"rendered":"Cracks showing in Canadians\u2019 financial confidence as majority face barriers to feeling in control of money"},"content":{"rendered":"\n

Interac, Conscious Economics partner to deliver programs designed to help Canadians take charge of their finances<\/em><\/p>\n\n\n\n

TORONTO, November 29, 2022 \u2013 <\/strong>According to new research from Interac Corp., the majority of Canadians (61 per cent) say they face barriers that hinder feelings of financial control. Current economic conditions are felt by many, with more than seven in 10 Canadians (71 per cent) noting that rising inflation has made it more important than ever to feel in control of their money, and nearly half (49 per cent) saying it has negatively impacted their confidence in managing everyday finances.<\/p>\n\n\n\n

Younger Canadians (74 per cent among Gen Z and Millennials), those with a household income under $55,000 (67 per cent), and women (64 per cent) are more likely to say they face financial barriers than other demographics. Those barriers include rising inflation and higher living costs or a lack of knowledge around financial terminology. Women (27 per cent), Gen Z (33 per cent), Millennials (36 per cent), and those with a lower household income (28 per cent) are among the most likely to agree that a lack of financial knowledge contributes to feeling overwhelmed. Further, forty-nine per cent of Canadians agree they could do a better job of sticking within a budget and staying in control of their own money.<\/p>\n\n\n\n

\u201cOur research indicates that Canadians, now more than ever, are in need of solutions to help knock down barriers and reinforce financial confidence during these uncertain economic times,\u201d said Daria Hill, Vice President, Marketing and Communications at Interac Corp. \u201cWe are proud to partner with Conscious Economics to deliver free and accessible community-led educational programing that helps Canadians nationwide boost their financial wellbeing and tackle the pressing economic challenges present today.\u201d<\/p>\n\n\n\n

Amid Financial Literacy Month and as Canadians enter a busy holiday spending season, Interac and Conscious economics have partnered to launch Mindfulness & Money for Canadians, which offers a free, foundational digital learning platform to support the development of financial wellbeing skills through the lens of mindfulness, to Canadians coast-to-coast-to-coast.<\/p>\n\n\n\n

\u201cMindfulness & Money delivers programming from experts and community leaders who have lived the same experiences as many Canadians who are most in need of accessible financial resources,\u201d said Rhiannon Rosalind, Creator and CEO, Conscious Economics. \u201cThrough this partnership, we hope to provide Canadians from all backgrounds with the financial programs needed to feel more empowered in today\u2019s new economy.\u201d<\/p>\n\n\n\n

Rosalind adds that when people struggle with financial anxiety, they are likely to be less confident and may face increased barriers in feeling in control of their money. Mindfulness & Money incorporates a new concept of financial therapy, led by Canada\u2019s only registered Financial Therapist, Aseel El-Baba, to encourage Canadians from all backgrounds to look inwards on their own financial journeys. The program also includes modules led by community experts, small business owners, and creators, responding to Canadians\u2019 desire to take financial advice from relatable sources.<\/p>\n\n\n\n

The Interac research also contained the following insights:<\/p>\n\n\n\n