More than half of working Canadians are stressed out over money due to the COVID-19 pandemic.
According to an online poll of more than 4,000 Canadians by the Canadian Payroll Association, 58% of respondents are more stressed about their financial situation due to the pandemic. Additionally, 60% of working Canadians are worried about the nation’s economy while 55% are concerned about the employment situation in Canada.
Not surprisingly, the concern over money is another issue that is piling on workers in Canada during this pandemic.
“The repercussions of the pandemic continue to threaten our country’s return to stability,” said Peter Tzanetakis, president of the Canadian Payroll Association. “Our research shows that COVID-19 has directly affected the financial stress of working Canadians, many of whom express deep concern about the economy as a whole.
“Recognizing that financial stress already costs Canadian businesses billions of dollars, developing strategies to help Canadians decrease or manage that stress should be a part of our broader strategy for economic recovery.”
Millions of jobs have been lost since Canada was hit with the coronavirus earlier this year and the economy has gone through an extensive shutdown. The country still has not opened completely, even as normality creeps to its eventual return.
Tzanetakis believes the onus is on employers to recognize their workers are feeling stressed about money.
“One way that employers can help minimize the impact of financial stress on working Canadians is offering financial education or access to programs that encourage savings through payroll, such as a Pay Yourself First Program,” Tzanetakis said.
A press release from the CPA says a “Pay Yourself First Program allows employees to work with payroll to ensure a portion of their paycheque is automatically deposited into a separate savings account. This encourages better money management and the steady accumulation of retirement funds, all of which are key concerns related to financial stress for working Canadians.”
Still, one-third of working Canadians are worried about losing their job due to the pandemic. And one in five believe that fear will cause them to return to work — 77% of respondents suggest they have been working from home — even if they are feeling unwell, with symptoms like coughing, sneezing or feeling sick.
The coronavirus has also had a negative effect on workplaces, with 54% saying their employer has been seriously impacted economically by COVID-19.
The CPA poll of 4,264 Canadians, 88% of whom said they work full time, has a margin of error of +/- 1.5%, 19 times out of 20.
Copyright Postmedia Network Inc., 2020
