Can “financial wellness” really counter your checkbook stress?
Financial wellness is an increasingly popular expression today, but what does it really mean? For us at Meridian, the aspirational phrase is about a lot more than how “well off” you are. While having savings can certainly feel provide a peace of mind, true financial wellness is about how you feel about your money. It’s about feeling secure, confident, and supported in your financial decisions, regardless of what your balance looks like right now.
Think of financial wellness like physical health. It’s built over time through everyday habits, self-awareness, and the choices you make with intention, and statistics suggest that we have considerable room for improvement:
- New national research commissioned by Meridian* shows that 64% of Canadians feel stressed and uncertain about their finances, which highlights that financial wellness goes beyond managing numbers
- A 2023 report suggests that only about 24% of Canadians are considered “financially resilient,” this according to the Financial Consumer Agency of Canada.
*This survey conducted by Leger in September 2025 included 1,624 Canadians aged 18 and older. Results were weighted by gender, age, region, education, and language to ensure a representative sample of the Canadian population.
Beyond budgeting: The emotional and practical sides of money
When you hear “financial wellness,” you might picture spreadsheets, apps, and that dreaded word: budgeting. But here’s the thing: money is emotional. Have you ever gotten a pit in your stomach before opening a credit card statement? Or felt a rush of pride after finally paying off a loan? Those are your emotions talking, and they matter just as much as the numbers.
On a practical level, financial wellness shows up in everyday choices. Do you buy the matcha latte or skip it to save a few bucks? Do you pay your bills strictly on time or take a more flexible approach? Emotionally, on the other hand, it’s about managing the stress, guilt, and anxiety that can come with spending, and building confidence as you gain a better understanding of your money. Meridian services including OnYourWay and Well with Money are designed to support both sides of the practical/emotional equation, helping you understand your finances while building healthier relationships with money over time.
4 common pain points that inhibit financial wellness
1. Debt stress
Debt is one of the biggest financial stressors out there. The Meridian research mentioned above suggests that 61% of Canadians say it’s becoming harder to make ends meet and 66% feel pessimistic about the future of the Canadian economy. Meanwhile, nearly half of Canadians (46%) say they are $200 or less away from not being able to meet their monthly bills and debt obligations, according to a 2023 survey by the Angus Reid Institute.
Debt can feel like a weight you can’t shake off. Every time you get paid, it’s like the money is already spoken for. That sense of “never getting ahead” can be exhausting and, at times, demoralizing. Beyond numbers, debt can bring up feelings of embarrassment, overwhelm, or even hopelessness. Try to remember that debt doesn’t define you. It’s one part of your financial story, not the whole picture.
2. Lack of savings
Let’s talk about savings, or the lack thereof. Many people these days simply don’t feel prepared to handle large, unexpected expenses. A flat tire or a home repair could send millions of people into panic mode.
Without healthy savings, everyday uncertainty can take an emotional toll. The constant worry about “what if” scenarios can lead to sleepless nights and anxiety. Maybe you’ve been there: your car makes a weird noise, and suddenly you’re calculating if you can afford a repair, or if you’ll have to put it on a credit card and hope for the best.
3. Fear of financial instability
Financial instability is a fancy way of saying you don’t know what’s coming next, and that’s scary. Your job isn’t as secure as you’d like. You’ve got a side hustle, but it’s not quite enough. Grappling with the unknown can make planning for the future feel impossible.
The reality is that many of us live paycheque to paycheque. This fear can lead to “paralysis by analysis,” where you’re so worried about making the wrong move that you don’t make any move at all.
4. Scams and fraud fears
In our digital age, keeping your money and personal information safe is more important than ever. Constant headlines about online scams, identity theft, and fraud can leave you feeling anxious every time you log in to your bank account or make an online purchase. Worrying about whether your personal information is secure and trying to keep up with the latest security measures can add another layer of stress to your financial life.
So, how do you pivot to financial wellness?
You can’t change your financial picture overnight, but you can make real progress on how you manage the emotions and move toward a state of financial wellness.
It starts with being honest, with yourself and with your situation. Financial wellness is about making small, consistent changes and celebrating wins, no matter how small they may feel. Here are some great initial steps:
- Track your money: Apps, journals, or just notes on your phone, whatever works for you. Awareness is a key fundamental.
- Set realistic goals: Maybe it’s saving $50 a month, or paying an extra $20 on a credit card bill. Progress, not perfection.
- Take advantage of Meridian’s OnYourWay or Well with Money to help bring clarity to your financial picture.
- Talk about it: Find a trusted friend or an online support group. Money doesn’t have to be a taboo topic and it gets easier when you share.
- Be kind to yourself: Everyone makes mistakes. The important thing is picking yourself up and moving forward.
- Stay alert to avoid scams and fraud: Use strong passwords, monitor your accounts regularly, and be cautious with unfamiliar emails or messages.
When you’re feeling stressed about money, know that you’re not alone. Financial wellness is about finding peace, building confidence, and making choices that feel right for you. The journey might not be easy, and there will be bumps along the way, but every step forward counts.
Reach out – there are many ways we can help
For more on improving your financial wellness, discover the range of resources that we offer on the topic.
And, to explore accessible, inclusive resources such as videos and interactive tools that can support you at every stage of your financial journey, get to know the Meridian Well with Money program.
Learn more about smart money management
How knowing your spending style can reduce financial stress