A new survey released Tuesday by the Canadian Payroll Association finds that 58 per cent of Canadians feel more stressed about their finances due to the COVID-19 pandemic.
“The repercussions of the pandemic continue to threaten our country’s return to stability. 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,” said Peter Tzanetakis, President of the Canadian Payroll Association, in a news release. “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.
“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.
The survey found that one-in-three Canadians are fearful of losing their job due to the pandemic.
It also found that 60 per cent of employed Canadians indicate they are worried about the Canadian economy, and 55 per cent are concerned about Canada’s employment situation. Also, fear of the economy performing poorly is at its highest rate in five years — up 46 per cent from last year.
The survey said 54 per cent of Canadians are reporting that their company has been seriously impacted economically by COVID-19.