Canadians are financially stressed

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According to a 2020 research by Canadian Payroll Association, working Canadians during this pandemic are better off financially but are more financially stressed than in the past.

The new research published in September 2020 said Canadians who are still working through the pandemic have found themselves in a better financial position. 62% of workers are able to save more than 5% of their paycheque than in 2019 with only 59% of workers. And 6% fewer said they are living from paycheque to paycheque.

But contrary to expectation, a greater proportion of working Canadians are more financially stressed than before. The research showed that Canadians fall under these clusters: financially stressed, coping and comfortable. In 2020, 43% are now financially stressed and 22% are comfortable, compared to 1/3 of each cluster from 2009-2019. Saving more has been a reliable predictor of improved financial health but it seems it no longer is the general rule. The research said that this unexpected result on financial stress on working Canadians was "impacted by a complex combination of new factors - including those that are more psychological than financial in nature."

So yes, although you may be in a better financial situation than before, you can still get financially stressed. And your financial stress can impact your home and work life. Therefore, it is important to establish a mindset that will foster continuous learning and will help you on your journey to financial wellness. Continuous learning will help us overcome unexpected challenges and emergencies. For example, money management and budgeting can always be improved. You can learn many new things that will encourage better money management and budgeting from online resources or from your mentors.

Remember, your financial health is as important as your physical and mental health. They are all connected. Therefore, you should also take time to be better at taking care of your finances for you and your family's sake.

Source: https://www.payroll.ca/PDF/News/2020/2020-NPW-Press-Release_EN.aspx
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