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

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.