The survey of 1,500 working Canadians, including 81 per cent full-time workers, found the number who considered themselves financially stressed has jumped by 20 per cent in a year.
The survey of 1,500 working Canadians, including 81 per cent who are full-time workers, found the number who considered themselves financially stressed has jumped by 20 per cent in the past year to 37 per cent overall.
The survey goes further, finding that 66 per cent of those who consider themselves “financially stressed” are living paycheque to paycheque and 50 per cent are feeling “overwhelmed” by their debt. For some, that stress is impacting work performance, with 40 per cent saying it’s having a negative impact and, according to NPI, one in five admitting they need a sick day to cope with the rising levels of stress and one in 10 having left their job.
According to the agency, the demand for skilled talent still outpaces the supply of candidates and as hiring managers face difficulty both in finding employees and retaining them, they’re trying to be knowledgeable about trends in salaries, benefits and preference for flexible work arrangements. As Canadians continue to apply for new jobs or even second jobs to supplement their income, many are expressing frustration over the hiring process, including a lack of pay transparency and the long time that it takes to hire. Managers also note the length of time it takes is a problem, but so is poor suitability for company culture and inadequate communication.
Employers, however, can also step up, with the NPI suggesting employees be encouraged to direct a portion of their pay into a savings account, and the companies investing in “payroll professionalism” to prevent unintentional payroll delays.
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