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CANADA LIVING EXPENSES FULL

CANADA LIVING EXPENSES FULL

The full LifeWorks Financial Wellbeing Index™ report can be found here. As strategic planning for 2023 begins, organizations that prioritize this will find themselves well ahead of competitors in the months and years to come.” Financial wellbeing plays a monumental role in overall wellbeing, and also impacts work productivity. Investing in financial education and providing access to financial programs and services are critical first steps. “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 support. 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.”Ĭomments from global leader and senior vice president, research and total wellbeing, Paula Allen 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. “The last quarter has been riddled with heightened financial concerns as inflation, interest rates and overall cost of living have significantly increased. Five per cent of Canadians feel the biggest impact of inflation in debt repayment.Ĭomments from president, retirement and financial solutions and executive vice president, Idan Shlesinger.

Thirty-five per cent of individuals cite the cost of gas as the biggest area impacted because of inflation.Fifty per cent of Canadians feel the biggest impact of inflation is the cost of groceries.

Individuals under the age of 40 are 75 per cent more likely than those over the age of 50 to be concerned about their ability to cover basic living expenses.Ĭanadians are facing a range of negative inflationary impacts.

Forty-seven per cent of individuals are not concerned about their ability to cover basic living expenses.

Twenty-nine per cent of Canadians who are concerned about their ability to cover basic living expenses.

Many Canadians are concerned about their ability to cover basic living expenses

The Financial Wellbeing Index™ score for summer 2022 is 64.0, a decline from the winter 2022 score of 65.2.

The Index found that the financial wellbeing of Canadians is at its lowest point since the launch of the Index in January 2021 and has been on a continuous decline since the height of the pandemic. Additionally, Canadians cited the cost of groceries, gas and housing as the top areas inflationary increases have impacted. The report showed that 29 per cent of Canadians are concerned about their ability to cover basic living expenses.

TORONTO, Septem– LifeWorks, a leading provider of digital and in-person total wellbeing solutions, today released its quarterly Financial Wellbeing Index™. LifeWorks Financial Wellbeing Index™ finds half of Canadians feel the biggest impact of inflation in the cost of groceries