There’s no shortage of information competing for one’s attention when it comes to financial advice. Among such widely available and disseminated information, it might feel like there’s never been a better time to feel empowered about making financial decisions, but in fact, there are still a growing number of Canadians feeling financially stressed. Using a case study, we explore how having a financial plan can help you alleviate some of this stress and build confidence in your financial future.

In its 2025 Financial Stress Index, FP Canada^TM, the governing body for Certified Financial Planners^® in Canada, found that 42 per cent of Canadians say money is their leading source of stress, decreasing from 2024 (44%) yet trending upward since 2021 (38%).¹ The rising cost of living, debt, housing affordability, retirement uncertainty, fear of making wrong financial decisions, and even general financial confidence are reasons why many Canadians feel stuck in financial situations that they perceive as being beyond their control. 

The financial literacy movement

In recent years, there has been significant effort made to improve the financial literacy and awareness in the Canadian public. In fact, each year in November the Financial Consumer Agency of Canada (FCAC) leads a national campaign aimed at strengthening the financial literacy of Canadians and building financial resilience. 

FP Canada^TM places a significant emphasis on financial literacy through its support of initiatives that promote education and access to advice, while CPA Canada is also working to address the growing social problem of financial literacy in Canada through its Financial Literacy program.

Planning is the missing link

With such emphasis on public education, financial literacy programs, and the plethora of information available, why are there still a growing number of Canadians feeling financially stressed? Despite the financial pressure resulting from the current cost of living, FP Canada^TM surveys find that few Canadians have a financial plan in place. 

FP Canada's Financial Stress Index also provides valuable insights into the correlation between financial planning and confidence. Key findings indicate that those who work with a financial planning professional are less likely to be stressed about money, and are more optimistic about their financial futures. By and large, reports indicate that those who engage in financial planning tend to be more likely to report high levels of financial well-being.

What is financial planning?

In broad terms, financial planning creates a personalized roadmap to your financial future. 

Financial planning starts with identifying your current unique financial circumstances, and aims to take a big-picture view of your financial situation and come up with strategies designed to help you maximize your potential for reaching your financial goals. 

A comprehensive financial plan consists of several interconnected components, each addressing a key aspect of an individual’s financial well-being such as financial security, tax efficiency, and wealth preservation. The value in planning comes through initial assessment and ongoing review and discussion of goals and financial matters that build towards those goals.