Nearly half (43%) of Canadians say they are so stressed about their personal finances that it’s negatively impacting their performance at work, according to a new survey.
The study by the Canadian Payroll Association (CPA) found that nearly a quarter of working Canadians say they spend just under 40 minutes each day distracted by personal finance matters while on the job at work. That equates to an 8.1% loss in productivity, based on an eight-hour workday, according to CPA.
"The costs of financial stress on people, their families, businesses and the economy are staggering," CPA President Peter Tzanetakis said in a news release.
Meanwhile, the study found that 43% of Canadians say they are living paycheque to paycheque, with one out of three respondents saying their debt has risen since last year.
Rising living costs, the potential for higher interest and mortgage rates, as well as higher housing costs rank as the most significant financial concerns among Canadians.
CPA’s survey was conducted between April 24 and June 18 by Framework Partners and surveyed 4,285 workers from every region of Canada.
