The Canadian Payroll Association has just released the results of a survey that focuses on the impact of financial stress on worker performance.
It is a series of studies launched by the Canadian Payroll Association for Financial Literacy Month. The latest finding is that half of Canadian workers believe that financial stress has an impact on their job performance. Their financial health worries them, yet only 52% of them say they often set a budget and of those who take this initiative, just over half usually or always respect it.
More education needed?
They are aware of the lack of knowledge on the subject, since in addition to financial advisers, banks, those around them and the internet to learn from, a large majority (82%) would like their employer to offer a program in financial education. 54% would opt for lunch lectures, but only 8% would be interested if the programs took place outside working hours.
Offer an automatic salary deduction
The CPA reminds us that it is recommended to save at least 10% of income and encourage employees to pay themselves first. All employers do not yet offer their employees an automatic deduction from their salary to transfer a portion to a retirement or savings account. 61% offer this option at present. Of those who do not, one third are thinking about introducing it.