While 62 per cent of working Canadians said they’re able to save more than five per cent of their paycheque in 2020, compared to 59 per cent in 2019, more are financially stressed than in previous years, according to a new survey by the Canadian Payroll Association.

The survey, along with an analysis of its data by the Western-Laurier Financial Data Analytics Laboratory, found 43 per cent of respondents said they’re financially stressed, while only 22 per cent said they’re comfortable, with the remaining third (35 per cent) considered to be coping financially. Comparatively, between 2009 and 2019, a third of Canadians fell into each category.

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“It’s hard to separate the statistically significant growth of workers who are financially stressed from the COVID-19 pandemic,” said Peter Tzanetakis, president of the CPA, in a press release. “For over a decade, the financial wellness of working Canadians has been directly linked to core, stable, long-term factors. While the pandemic has forced many to refrain from spending beyond their means and save more, it simultaneously created drastic uncertainty about how the economy will endure into the future.”

Regardless of the grouping, working Canadians’ concerns about several economic issues are growing. More than half (52 per cent) of financially stressed workers said they’re nervous about their ability to retire, up from 45 per cent last year, while 62 per cent of financially comfortable workers said they’re worried about the prospect of inflation, up from 47 per cent in 2019.

Concerns about a recession are now top of mind for Canadians across the board. In both the comfortable and coping groups, these worries rose to 63 per cent and 73 per cent, respectively. Two-thirds (66 per cent) of financially stressed Canadians said they’re concerned about a recession, up from 47 per cent last year.

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Some Canadians who are financially stressed reported the impacts of that pressure spilling out into their home and work lives, with 69 per cent in that group reporting they spend work time thinking about their personal finances. As well, a third reported their financial stress has harmed their relationships with family and loved ones.

The CPA estimated Canadian businesses are facing $20.3 billion in lost productivity due to employees’ financial stress. “The costs of increased absenteeism, decreased motivation, strained relationships with colleagues and turnover that many respondents cite as consequences of financial stress also need to be taken into account,” said Tzanetakis. “Simply put, it’s smart business for organizational leaders to pay attention to and support the financial wellness of employees.”