Sky-high financial stress levels could lengthen COVID-19 recovery

by Ephraim Vecina on 29 Jul 2020

A new study by the Canadian Payroll Association has found considerable financial, economic, and job loss pressures even among those who remained employed during the COVID-19 pandemic – further threatening the housing sector’s return to relative stability.

The online survey, which polled 4,264 working Canadians, found that 58% are experiencing greater stress during the coronavirus crisis. Approximately 33% also said that they are afraid of losing their employment in the present environment.

While 77% have been working remotely during the pandemic, job loss fears might push as much as 20% to go to their offices even when they feel under the weather.

“Here, the link to physical health is clear, and the potential for financial stress to contribute to the spread of a second wave of the virus becomes a serious concern,” the CPA study said.

“The repercussions of the pandemic continue to threaten our country’s return to stability. Our research shows that COVID-19 has directly affected the financial stress of working Canadians, many of whom express deep concern about the economy as a whole,” said Peter Tzanetakis, president of the CPA. “Recognizing that financial stress already costs Canadian businesses billions of dollars, developing strategies to help Canadians decrease or manage that stress should be a part of our broader strategy for economic recovery.”

Around 60% of respondents said that they are worried about the Canadian economy, while 55% are concerned about the national employment situation. More than 54% said that their employer has suffered serious economic impact due to the coronavirus.

Post a Comment

Most Trending News

Fixed-rate mortgages have gone up, but it doesn’t matter
News

News of a fixed rate increase might inspire consumers driven by fear of being priced out of the market in Canada.

Read More
Post-COVID return to the office depends on where you live
News

Even before COVID-19 moved us all to work from home, reevaluations of office space were already underway, but not nearly to the extent they are now.

Read More
Millions in delayed closing compensation left unclaimed
News

This consultant and real estate investor said that a third of new construction properties built every year in Ontario have legitimate claims for reimbursement, but they aren't taken advantage of.

Read More