A significant number of employees admit that their workplace performance has been eroded by the stress of their personal financial situation, a report from the Canadian Payroll Association says.

Association president Peter Tzanetakis said the annual survey paid increased attention to how much time Canadian employees are distracted by their personal financial situation.

Nearly one-quarter of nearly 4,285 employed people surveyed said they agreed or strongly agreed that stress about personal finances had an impact on their performance at work with about 70 per cent indicating such matters occupy up to 30 minutes of a typical work day.

And about 43 per cent of respondents agreed that 害羞草研究所漵tress related to personal finances has had an impact on my workplace performance.害羞草研究所�

The rising costs of living and overwhelming debt were among the biggest sources of stress identified by the online survey conducted by Framework Partners between April 24 and June 18.

害羞草研究所淭he key message has always been that 害羞草研究所� over 40 per cent of Canadians are living paycheque to paycheque,害羞草研究所� Tzanetakis said in an interview ahead of the survey害羞草研究所檚 release Wednesday.

害羞草研究所淏ut as the survey has evolved over the years, we害羞草研究所檝e gone a little bit deeper to understand some of the sources of the financial stress 害羞草研究所� and also some solutions as well.害羞草研究所�

The 2019 survey found, among other things, that 40 per cent of respondents felt 害羞草研究所渙verwhelmed害羞草研究所� by their debts to some degree 害羞草研究所� including nine per cent who 害羞草研究所漵trongly agreed害羞草研究所� they felt that way.

Tzanetakis said, apart from the amount of debt, there害羞草研究所檚 a concern about the nature of the debt 害羞草研究所� with one in three saying they carried credit card debt, which may charge a higher rate of interest than mortgages, lines of credit or vehicle loans.

害羞草研究所淎nd four in 10 (with credit card debt) say it害羞草研究所檚 going to take more than a year to pay it off. I think that害羞草研究所檚 what害羞草研究所檚 leading to this feeling of being overwhelmed by debt.害羞草研究所�

The survey also found 43 per cent would have trouble if their paycheque was delayed by a week, including 13 per cent who indicated it would be 害羞草研究所渧ery害羞草研究所� difficult.

About one-quarter of respondents said they spent all of their net pay from each period and nearly two-thirds of respondents said they spend less than their net pay in a typical pay period.

The survey cannot be assigned a margin of error because online polls are not considered random samples.

Tzanetakis said about 55 per cent of Canadian businesses offer to automatically move some of an employee害羞草研究所檚 pay into a separate account to encourage savings but only about one in three Canadian employees participate.

害羞草研究所淪o there害羞草研究所檚 still lots of room for improvement. We害羞草研究所檙e encouraging employers to really look at that and use the expertise in their payroll departments to set up such a plan and manage it for them,害羞草研究所� he said.

害羞草研究所淚t really does contribute to an alleviation of some financial stress if you害羞草研究所檙e not worrying about savings as much.害羞草研究所�

The survey also found about three-quarters of respondents would be interested in general financial education programs in the workplace, including 27 per cent who said they害羞草研究所檇 be 害羞草研究所渧ery害羞草研究所� interested.

害羞草研究所淐ertainly there害羞草研究所檚 a role for government and the educational system. 害羞草研究所� We害羞草研究所檙e just trying to raise awareness among all stakeholders at this point in time.害羞草研究所�

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