Personal finances causing major stress for Canadians

Personal finances causing major stress for Canadians

Personal finances causing major stress for Canadians With many Canadians still struggling with high debt levels and insufficient savings, managing personal finances has become a major stressor, a poll by the Conference Board of Canada revealed.

In fact, more than a quarter said it is a tough battle to keep up with their financial commitments to the point that it affects their careers.

The Conference Board of Canada vice president for industry strategy and public policy Louis Thériault said despite many Canadians having sufficient financial literacy, there are still those who face challenges in certain areas of financial management.

Also Read: Why Canadians are uncertain about their financial futures

 “Financial stress can translate into diminished productivity in the workplace making it more than just a personal issue,” he said.

Some of the areas that most Canadians struggle with are managing resources responsibly and having a concrete retirement plan.

The poll noted that just over seven in 10 Canadians are preparing financially for retirement. Among the three in 10 Canadians who are not following a retirement plan, affordability is the frequently cited reason.

"This could be related to increasingly high debt loads, consumption patterns, or the high cost of living leaving little room for saving," the poll said.

Meanwhile, Sun Life Financial Canada vice-president for workplace health and group benefits Marie-Hélène Pelletier talked about the impact of increased stress levels of Canadians on employers.

She said stress amongst employees result in higher rates of absenteeism and lower productivity.

"Now, more than ever is the time for employers to build a financial health component into their overall health strategy," she explained.

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