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The financial stress has important consequences on productivity and the economy

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September 5, 2019 09:30

Photo : Freepik

The financial difficulties that prevent employees, employers and the economy to realize their full potential, according to the results of the annual survey of thecanadian payroll Association from canadian workers.

The survey revealed that 43% of workers are so stressed financially that their work performance suffers. According to the association, ” the loss of productivity due to financial concerns deprive the canadian economy of almost $ 16 billion annually — and it is a very conservative estimate “.

Among the impacts of the financial concerns in the workplace, on account of the increasing demands of absenteeism, staff turnover and benefits, as well as a decrease of job satisfaction.

Nearly one-quarter of canadian workers surveyed say they spend each day a little less than 40 minutes to activities, personal financial, which is equivalent to a productivity loss of 8.1% on a working day of eight hours.

Actively take care of the financial well-being

“The financial stress has an enormous impact on the lives of people and their families, as well as on businesses and the economy,” says Peter Tzanetakis, president of the canadian payroll Association. Just like they care about the mental health of their employees, canadian employers should take measures to increase the financial well-being of their employees. Such initiatives would give them a strategic competitive advantage in a context of fierce competition, in addition to impact positively on their financial results. “

The biggest concerns of respondents focused on the rising cost of living, particularly the cost of housing, and the imminent increase in interest rates and mortgage rates. Forty percent of the people interviewed said they feel “outdated” by the amount that they should.

Growing debt

One in three respondents said that their debt had increased from 2018, and that he spends more than his net salary. Thirty-eight percent of people who have admitted to having a credit card debt have said it would take over a year to pay.

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