[Canada] CPA invests $750k in financial wellness

The COVID-19 pandemic has only compounded financial stress and money worries are keeping many employees awake at night. Research from the Canadian Payroll Association found that 43 per cent of Canadians are currently financially stressed, representing an increase of 18 per cent from 2019, Human Resources Director reports.

For this reason, the Canadian Payroll Association is supporting the launch of the Canadian Financial Wellness Lab (“the Lab”) at Western University, with its contribution of $750,000. The Lab hosts an academic team dedicated to gathering in-depth data on the financial health of Canadians and using that information to gain a better understanding of where and how to help.

“Canada’s 77,000 payroll professionals are integral to the financial wellness of workers from coast to coast,” Peter Tzanetakis - president of the Canadian Payroll Association - said, “To effectively manage their financial obligations, workers rely on payroll to be paid accurately and on time, every time. 

“That’s why, for over a decade, the Canadian Payroll Association has shared research focused on the financial stress that so many Canadians’ experiences as a result of living pay cheque to pay cheque. Supporting the establishment of the Financial Wellness Lab is a natural evolution of that research.”

Annually, financial stress costs Canadian employers around $20 billion. The global pandemic has caused an upswing in money worries, with an increasing number of workers reporting feeling depressed and anxious when they consider their financial situation. As such, this is a welcome and timely investment in Canada’s future monetary health.

The COVID-19 pandemic has only compounded financial stress and money worries are keeping many employees awake at night. Research from the Canadian Payroll Association found that 43 per cent of Canadians are currently financially stressed, representing an increase of 18 per cent from 2019, Human Resources Director reports.

For this reason, the Canadian Payroll Association is supporting the launch of the Canadian Financial Wellness Lab (“the Lab”) at Western University, with its contribution of $750,000. The Lab hosts an academic team dedicated to gathering in-depth data on the financial health of Canadians and using that information to gain a better understanding of where and how to help.

“Canada’s 77,000 payroll professionals are integral to the financial wellness of workers from coast to coast,” Peter Tzanetakis - president of the Canadian Payroll Association - said, “To effectively manage their financial obligations, workers rely on payroll to be paid accurately and on time, every time. 

“That’s why, for over a decade, the Canadian Payroll Association has shared research focused on the financial stress that so many Canadians’ experiences as a result of living pay cheque to pay cheque. Supporting the establishment of the Financial Wellness Lab is a natural evolution of that research.”

Annually, financial stress costs Canadian employers around $20 billion. The global pandemic has caused an upswing in money worries, with an increasing number of workers reporting feeling depressed and anxious when they consider their financial situation. As such, this is a welcome and timely investment in Canada’s future monetary health.