43% of Canadians say financial stress is hurting their productivity
Forty-three per cent of Canadians say they are so stressed about their finances that it’s actually affecting their performance at work, according to a survey released Wednesday.
The study by the Canadian Payroll Association (CPA) found that nearly a quarter of working Canadians say they spend just under 40 minutes each day distracted by personal finance matters on the job. In other words, financial stress has caused an 8.1-per-cent loss in productivity, based on an eight-hour workday, CPA says.
“The costs of financial stress on people, their families, businesses and the economy are staggering,” CPA President Peter Tzanetakis said in a release.
“Much like mental health, for Canadian businesses struggling to identify strategic advantages in a very competitive business environment, actively addressing the financial wellness of employees could provide a competitive edge and deliver bottom-line results.”
Meanwhile, the study found that 43 per cent of Canadians say they are living paycheque-to-paycheque, with one out of three respondents saying their debt has climbed since last year.
Rising living costs, the potential for higher interest and mortgage rates, as well as higher housing costs rank as the most significant financial concerns for Canadians, the survey found.
CPA’s survey was conducted between April 24 and June 18 by Framework Partners and surveyed 4,285 workers across Canada.