LifeWorks, a leading provider of digital and in-person total wellbeing solutions, today released its quarterly Financial Wellbeing Index™. The report showed that 29 percent of Canadians are concerned about their ability to cover basic living expenses. Additionally, Canadians cited the cost of groceries, gas, and housing as the top areas inflationary increases have impacted.
“The last quarter has been riddled with heightened financial concerns as inflation, interest rates and overall cost of living have significantly increased. Canadian organizations have an opportunity to provide much-needed support to their employees at a time when many are struggling to juggle short-term and longer-term priorities. Recognizing that resources aren’t effective if there are accessibility barriers, breaking these down should be a top priority as leaders look to drive their business forward.”
Comments from the global leader and senior vice president, research and total wellbeing, Paula Allen
“As the financial wellbeing of Canadians reaches its lowest point in 18 months, it’s important for employers to remember that actions always speak louder than words when it comes to supporting. Investing in financial education and providing access to financial programs and services are critical first steps. Financial well-being plays a monumental role in overall well-being and also impacts work productivity. As strategic planning for 2023 begins, organizations that prioritize this will find themselves well ahead of competitors in the months and years to come.”
The full LifeWorks Financial Wellbeing Index™ report can be found here. This quarter, the report includes additional insights on Canadians’ ability to meet mortgage payments, emergency savings, financial education, the impact of the stock market decline, and more.
LifeWorks is a wholly owned subsidiary of TELUS now operating as part of TELUS Health as a result of its recent acquisition.