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Survey finds working Canadians are better off financially, more stressed about money – CTV News
TORONTO —
A new survey has found that Canadians who’ve been able to continue working through the pandemic are in a better spot financially than they were a year ago, but are more stressed about money.
The survey from the Canadian Payroll Association shows 62 per cent of working Canadians were able to save more than five per cent of their paycheque so far in 2020, compared to 59 per cent last year
Additionally, 37 per cent of Canadians reported living paycheque-to-paycheque, a decline of six percentage points from 2019 and the lowest in the 12-year history of the survey.
The researchers hypothesize that less commuting, not having to pay for child care and saving on lunches contributed to the improved financial well-being of working Canadians through the pandemic.
However, the survey also found 43 per cent of Canadians are financially stressed, and just 22 per cent consider themselves “comfortable.” The results had previously remained steady at about 33 per cent in each category since 2009.
The Canadian Payroll Association believes this jump is above the historical trends, meaning there is an outside factor impacting this stress, namely the COVID-19 pandemic.
“While it’s not a surprise that more Canadian workers are financially stressed, the variance between this year’s results and what was expected based on the historical trends, caught us off guard,” Dr. Adam Metzler, associate professor at Wilfrid Laurier University and one of the survey leads, said in a news release.
“The algorithm recognized that, despite remaining on payroll and being in a measurably better financial position right now, financial stress this year was impacted by a complex combination of new factors — including those that are more psychological than financial in nature.”
The survey also found the majority of Canadians are concerned about inflation, their ability to retire, their job security and a possible recession.
Additionally, 69 per cent of Canadians said they spent time at work thinking about their personal finances, which the association estimates represents $20.3 billion in lost productivity.
“That estimate is a conservative one,” said Peter Tzanetakis, president of the Canadian Payroll Association. “The costs of increased absenteeism, decreased motivation, strained relationships with colleagues, and turnover that many respondents cite as consequences of financial stress, also need to be taken into account.”
As a means of lowering financial stress levels in the workplace, the association suggests employers can work with employees to establish long-term saving habits, engage with employees during a crisis and to establish a payroll continuity plan.
According to the August Labour Force Survey from Statistics Canada, the national unemployment rate is at 10.2 per cent. That’s an improvement of 1.4 per cent from July, but still a ways away from the 4.5 per cent unemployment rate in February, before the pandemic.
The RCMP say a body that was recovered by authorities in Washington state is believed to be one of two kayakers reported missing off Vancouver Island on Saturday.
Const. Alex Bérubé said the identity of the body found on San Juan Island, just south of the border, is still to be confirmed by the coroner.
A search has been underway in the waters off Sidney, B.C., about 25 kilometres north of Victoria, since the two kayakers were reported missing.
RCMP previously said Daniel MacAlpine, 36, and Nicolas West, 26, went missing while kayaking from D’Arcy Island to View Beach on Saturday afternoon. They were in a teal blue, fibreglass, two-person kayak.
Police said members of the Central Saanich Police Department and Peninsula Emergency Measures Organization search and rescue were involved in the search, and the Joint Rescue Co-ordination Centre and Canadian Coast Guard were also assisting.
Digital WritersThe Weather Network
Updated on Apr. 23, 2024, 1:30 PM
Prepare for multiple rounds of April snowfall this week, as Labrador braces for wintry conditions. This onslaught of snow is expected to blanket the region, potentially leading to hazardous travel conditions and disruptions throughout the week
As we march even deeper into the heart of the spring season, many parts of Canada are finding it tough to find any consistent signs of warming weather. Add to the mix periods of snow and wintry precipitation, and it’s safe to say the winter season is certainly not going out without a strong fight.
This week, parts of the East Coast will bear the brunt of the winter weather, with multiple rounds of April snowfall stacking up in Labrador. The chances for snow flurries will stick around all week long, bringing as much as 25 cm for some.
MUST SEE: Extreme pattern over Arctic produces 50+ degree temperature spread
Although 25+ cm of snow in April may seem extreme, for this part of the country, it’s definitely nothing out of the ordinary. In fact, the month as a whole brings about 40-50 cm of snow to Labrador on average.
Some communities, including Nain, even have snowfall chances stretch all the way into June!
“This week will be a little bit different however, as some regions could reach about half of Labrador’s monthly averages alone,” says Rachel Modestino, a meteorologist at The Weather Network. “The first round on Tuesday will pack quite the punch, with heavy snow and gusty winds stretching from Labrador city to the coast.”
Winds will be gusting between 70-90 km/h at times, and travel conditions will likely deteriorate quickly due to potential whiteouts and reduced visibility.
Witnesses described hearing a loud blast and seeing large plumes of black smoke on Tuesday morning as a building under construction in Halifax’s north end caught fire.
A message on Halifax’s alert system said the fire was at a building in the area of Robie and St Albans streets. About an hour later, the municipality said the fire was out.
The alert warned people who live on the peninsula to close their windows due to smoke from the fire possibly being toxic.
“Residents and businesses near the fire should still keep windows closed and air exchangers turned off until air quality conditions improve in the coming hours as a precaution,” the municipality said on X, formerly known as Twitter.
Halifax Regional Police were asking people to avoid the area during what is normally a time of heavy morning traffic.
James Shaw lives nearby. He said he heard a blast around 8:20 a.m. local time.
“It shook the whole house,” Shaw said in an interview at the scene. “So I came outside … and saw this incredible building here on fire. Big black smoke. Lots of sparks and stuff going.”
Mike Clark was working on the building adjacent to the one that caught fire. He said he was on the 30th floor when the roof of the other building caught fire and propane tanks blew up.
He said construction crews were then evacuated from the building.
“The elevator was shut down and everyone went down the stairs and out the door,” he said. “Everybody on each floor has a horn to check if anybody was left in the building. Sounded the horn and walked down. It was very organized.”
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