[Canada] 37% of workers feel ‘financially stressed’

New research from the National Payroll Institute has revealed that more than one-third of working Canadians feel financially stressed, a 20 per cent jump since 2022, Yahoo reports.

The research was conducted through Canada's Financial Wellness Lab, it surveyed a sample of 1,500 working Canadians between July 21 and August 1. 

The findings reportedly saw 37 per cent in the "financially stressed" category in the wake of rising costs and dwindling pandemic-era savings.

"With interest rates, inflation, and the cost of living all continuing to rise, for many working Canadians, navigating these factors has negatively impacted their financial wellness," Peter Tzanetakis - National Payroll Institute president - said in an October 3 press release. "The frightening reality of this storm is that the contributing factors to financial stress are becoming more challenging than ever for Canadians to overcome."

According to the researchers, households had been shielded by historically low borrowing costs and savings stashed during pandemic lockdowns. Now, however, they say that saving money is more challenging than at any point during the past decade; 63 per cent of respondents said they spend all of their net pay. Thirty per cent say they spend more than what they make, accessing credit or savings to make ends meet.

Of those financially stressed respondents, researchers found 66 per cent live paycheque-to-paycheque, with half stating that they are "overwhelmed by their debt." While more than half (55 per cent) said they "feel more isolated due to the rising cost of living."

"These results underscore how serious the storm is," Mr Tzanetakis added.

For the 40 per cent of financially stressed respondents, the research revealed that their circumstances had a negative impact on their work performance through lower productivity and engagement.

A similar study last year by the National Payroll Institute and the Financial Wellness Lab of Canada reportedly found that the financial well-being of Canadians had "declined steeply" at the time. The number of respondents living paycheque-to-paycheque had risen by 26 per cent from 2021. 

Source: Yahoo

(LInk and quotes via original reporting)

New research from the National Payroll Institute has revealed that more than one-third of working Canadians feel financially stressed, a 20 per cent jump since 2022, Yahoo reports.

The research was conducted through Canada's Financial Wellness Lab, it surveyed a sample of 1,500 working Canadians between July 21 and August 1. 

The findings reportedly saw 37 per cent in the "financially stressed" category in the wake of rising costs and dwindling pandemic-era savings.

"With interest rates, inflation, and the cost of living all continuing to rise, for many working Canadians, navigating these factors has negatively impacted their financial wellness," Peter Tzanetakis - National Payroll Institute president - said in an October 3 press release. "The frightening reality of this storm is that the contributing factors to financial stress are becoming more challenging than ever for Canadians to overcome."

According to the researchers, households had been shielded by historically low borrowing costs and savings stashed during pandemic lockdowns. Now, however, they say that saving money is more challenging than at any point during the past decade; 63 per cent of respondents said they spend all of their net pay. Thirty per cent say they spend more than what they make, accessing credit or savings to make ends meet.

Of those financially stressed respondents, researchers found 66 per cent live paycheque-to-paycheque, with half stating that they are "overwhelmed by their debt." While more than half (55 per cent) said they "feel more isolated due to the rising cost of living."

"These results underscore how serious the storm is," Mr Tzanetakis added.

For the 40 per cent of financially stressed respondents, the research revealed that their circumstances had a negative impact on their work performance through lower productivity and engagement.

A similar study last year by the National Payroll Institute and the Financial Wellness Lab of Canada reportedly found that the financial well-being of Canadians had "declined steeply" at the time. The number of respondents living paycheque-to-paycheque had risen by 26 per cent from 2021. 

Source: Yahoo

(LInk and quotes via original reporting)