A loonie is pictured in North Vancouver, in April, 2014. A report from the Canadian Payroll Association says a significant number of employees admit that their workplace performance has been eroded by the stress of their personal financial situation. THE CANADIAN PRESS/Jonathan Hayward

A loonie is pictured in North Vancouver, in April, 2014. A report from the Canadian Payroll Association says a significant number of employees admit that their workplace performance has been eroded by the stress of their personal financial situation. THE CANADIAN PRESS/Jonathan Hayward

Stress about personal finances hinders performance at work: Canadian survey

The survey also found 43 per cent would have trouble if their paycheque was delayed by a week

A significant number of employees admit that their workplace performance has been eroded by the stress of their personal financial situation, a report from the Canadian Payroll Association says.

Association president Peter Tzanetakis said the annual survey paid increased attention to how much time Canadian employees are distracted by their personal financial situation.

Nearly one-quarter of nearly 4,285 employed people surveyed said they agreed or strongly agreed that stress about personal finances had an impact on their performance at work with about 70 per cent indicating such matters occupy up to 30 minutes of a typical work day.

And about 43 per cent of respondents agreed that ”stress related to personal finances has had an impact on my workplace performance.”

The rising costs of living and overwhelming debt were among the biggest sources of stress identified by the online survey conducted by Framework Partners between April 24 and June 18.

“The key message has always been that … over 40 per cent of Canadians are living paycheque to paycheque,” Tzanetakis said in an interview ahead of the survey’s release Wednesday.

“But as the survey has evolved over the years, we’ve gone a little bit deeper to understand some of the sources of the financial stress — and also some solutions as well.”

The 2019 survey found, among other things, that 40 per cent of respondents felt “overwhelmed” by their debts to some degree — including nine per cent who ”strongly agreed” they felt that way.

Tzanetakis said, apart from the amount of debt, there’s a concern about the nature of the debt — with one in three saying they carried credit card debt, which may charge a higher rate of interest than mortgages, lines of credit or vehicle loans.

“And four in 10 (with credit card debt) say it’s going to take more than a year to pay it off. I think that’s what’s leading to this feeling of being overwhelmed by debt.”

The survey also found 43 per cent would have trouble if their paycheque was delayed by a week, including 13 per cent who indicated it would be “very” difficult.

About one-quarter of respondents said they spent all of their net pay from each period and nearly two-thirds of respondents said they spend less than their net pay in a typical pay period.

The survey cannot be assigned a margin of error because online polls are not considered random samples.

Tzanetakis said about 55 per cent of Canadian businesses offer to automatically move some of an employee’s pay into a separate account to encourage savings but only about one in three Canadian employees participate.

“So there’s still lots of room for improvement. We’re encouraging employers to really look at that and use the expertise in their payroll departments to set up such a plan and manage it for them,” he said.

“It really does contribute to an alleviation of some financial stress if you’re not worrying about savings as much.”

The survey also found about three-quarters of respondents would be interested in general financial education programs in the workplace, including 27 per cent who said they’d be “very” interested.

“Certainly there’s a role for government and the educational system. … We’re just trying to raise awareness among all stakeholders at this point in time.”

READ MORE: Millennial Money: Make your funds move at the speed of life

The Canadian Press


Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

The Pfizer-BioNTech vaccine deliveres to Canada are being delayed because of complications at their European distribution facility. THE CANADIAN PRESS/Nathan Denette
Delays of Pfizer vaccine delivery to impact Alberta’s vaccination plans

Alberta has administered 74,000 doses of the COVID-19 vaccine so far

Alberta Chief Medical Officer of Health Dr. Deena Hinshaw
Alberta eases some COVID-19 restrictions

Salons, barbershops and other personal and wellness services will be open by appointment only

File Photo
‘You took away some real joy.’ Sylvan Lake Winter Village turned off after vandalism

Sometime during the night of Jan, 12 the light display at the pier was vandalized and damaged

(Black Press file photo)
Sylvan Lake man charged with fraud totalling more than $100,000

Sylvan Lake RCMP have been investigating two companies owned by the same man since June 2019

Lesser Slave Lake UCP MLA Pat Rehn. (Facebook)
Kenney kicks Pat Rehn out of UCP caucus after municipal complaints

Rehn had been criticized by municipal leaders in his constituency

Prime Minister Justin Trudeau listens to a question during a news conference outside Rideau cottage in Ottawa, Friday, January 8, 2021. THE CANADIAN PRESS/Adrian Wyld
Trudeau says Canada’s COVID vaccine plan on track despite Pfizer cutting back deliveries

Canadian officials say country will still likely receive four million doses by the end of March

(Via the Canadian Press)
Alberta monolith comes with message to save eastern slopes of Rocky Mountains

‘They deserve our attention. They warrant our protection. They are under threat’

blessing
Bentley Blessing Pantry continues to faithfully serve the community

‘We just wanted to make everyone aware that we are still here to serve you throughout this coming year.’

A Suncor logo is shown at the company’s annual meeting in Calgary on May 2, 2019. A worker is missing after a dozer broke through ice on an inactive Suncor tailings pond in northern Alberta.THE CANADIAN PRESS/Jeff McIntosh
Worker missing after dozer breaks through frozen tailings pond in northern Alberta

The worker was an employee of Christina River Construction

A health-care worker prepares a dose of the Pfizer-BioNTech COVID-19 vaccine at a UHN COVID-19 vaccine clinic in Toronto on Thursday, January 7, 2021. THE CANADIAN PRESS/Nathan Denette
COVID clarity: Feds say 42-day gap for 2-dose vaccines OK as provinces race to immunity

‘Realities on the ground’ means that provinces, territories will have difficult choices to make

(Pixabay photo)
Alberta surgeon who hung a noose in a hospital found guilty of unprofessional conduct

College of Physicians and Surgeons says sanctions will be determined at a later hearing

Most Read