43% of Canadians are currently finically stressed
The pandemic is compounding financial stress – with money worries keeping many employees awake at night. Research from the Canadian Payroll Association found that 43% of Canadians are currently finically stressed – an increase of 18% from 2019.
As such, the Canadian Payroll Association is supporting support the launch of the Canadian Financial Wellness Lab (“the Lab”) at Western University, with a contribution of $750,000. The Lab hosts an academic team dedicated to garnering in-depth data on the financial health of Canadians – and using that information to gain a deep understanding of how to help.
“Canada’s 77,000 payroll professionals are integral to the financial wellness of workers from coast to coast,” added Peter Tzanetakis, president of the Canadian Payroll Association. “To effectively manage their financial obligations, workers rely on payroll to be paid accurately and on time, every time. That’s why, for over a decade, the Canadian Payroll Association has shared research focused on the financial stress that so many Canadians’ experiences as a result of living paycheque-to-paycheque. Supporting the establishment of the Financial Wellness Lab is a natural evolution of that research.”
Financial stress costs Canadian employers around $20 billion annually. The pandemic has caused an increase in money worries, with more and more workers reporting feeling depressed and anxious when they consider their financial situation. As such, it seems this investment in our future monetary health hasn’t come a moment too soon.
