Don’t let financial stress bog down your team
From decreased productivity to absenteeism, financial stress affects the performance of nearly half (46%) of Canadian workers, the Canadian Payroll Association said.
To address this, eight in 10 employees said they are interested in receiving financial management training in the workplace. Of these, 40% said they want to learn how to plan and save for the future, a study by the association showed.
“Employers are uniquely positioned to support employee financial wellness, either by offering them financial resources or methods to help employees save,” said Peter Tzanetakis, president of the Canadian Payroll Association.
Some organisations are now making headway: 53% of respondents claimed their employer offers an automatic savings scheme, which snips off a portion of their earnings and sets it aside in a savings or retirement account. But only 56% of those who are given the option avail of the plan.
The association also found:
- 44% of respondents said they live paycheque to paycheque
- 40% are burdened by debt
- 34% have rising debt in the past year
- 96% expect living costs to increase in the coming year
Respondents said their spending is the main reason for their increasing debt. They are also concerned about higher living costs, mortgage, and interest rates.
A similar study by Willis Towers Watson said 23% of workers are struggling with their finances, with about half claiming their work is hampered by financial stress.
