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 91裸聊视频漵tress related to personal finances has had an impact on my workplace performance.91裸聊视频�

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.

91裸聊视频淭he key message has always been that 91裸聊视频� over 40 per cent of Canadians are living paycheque to paycheque,91裸聊视频� Tzanetakis said in an interview ahead of the survey91裸聊视频檚 release Wednesday.

91裸聊视频淏ut as the survey has evolved over the years, we91裸聊视频檝e gone a little bit deeper to understand some of the sources of the financial stress 91裸聊视频� and also some solutions as well.91裸聊视频�

The 2019 survey found, among other things, that 40 per cent of respondents felt 91裸聊视频渙verwhelmed91裸聊视频� by their debts to some degree 91裸聊视频� including nine per cent who 91裸聊视频漵trongly agreed91裸聊视频� they felt that way.

Tzanetakis said, apart from the amount of debt, there91裸聊视频檚 a concern about the nature of the debt 91裸聊视频� 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.

91裸聊视频淎nd four in 10 (with credit card debt) say it91裸聊视频檚 going to take more than a year to pay it off. I think that91裸聊视频檚 what91裸聊视频檚 leading to this feeling of being overwhelmed by debt.91裸聊视频�

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 91裸聊视频渧ery91裸聊视频� 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 employee91裸聊视频檚 pay into a separate account to encourage savings but only about one in three Canadian employees participate.

91裸聊视频淪o there91裸聊视频檚 still lots of room for improvement. We91裸聊视频檙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,91裸聊视频� he said.

91裸聊视频淚t really does contribute to an alleviation of some financial stress if you91裸聊视频檙e not worrying about savings as much.91裸聊视频�

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 they91裸聊视频檇 be 91裸聊视频渧ery91裸聊视频� interested.

91裸聊视频淐ertainly there91裸聊视频檚 a role for government and the educational system. 91裸聊视频� We91裸聊视频檙e just trying to raise awareness among all stakeholders at this point in time.91裸聊视频�

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