COVID-19 weighing on Canadians’ financial health: Survey
The ongoing COVID-19 pandemic is taking a toll on how Canadians view their financial health, according to a new survey from the Canadian Payroll Association.
According to the survey, 43 per cent of respondents said they’re feeling financially stressed, up from about one-third of workers in last year’s poll.
Canadian Payroll Association president Peter Tzanetakis said in a release the stress and uncertainty around future employment and the state of the economy weighed on the psyches on Canadians, despite more people able to save more during the pandemic as day-to-day costs like commuting were largely eliminated.
“While the pandemic has forced many to refrain from spending beyond their means and save more, it simultaneously created drastic uncertainty about how the economy will endure into the future,” Tzanetakis said.
- Sign up for BNN Bloomberg's new weekly newsletter, Home Economics, here: https://www.bnnbloomberg.ca/subscribe
That financial stress extended to the prospects for saving for retirement. According to the survey, 52 per cent of financially stressed Canadians were concerned about their ability to retire, up from 45 per cent a year ago.