Fewer Canadians financially unwell than last year: survey

Fewer Canadians report being financially unwell than last year, according to Manulife’s annual financial wellness index.

According to the survey, 40 cent of Canadians are financially unwell, which is down from 45 per cent last year.

About a quarter (26 per cent) of respondents said they’re financially OK and a third (34 per cent) said they’re doing well financially. The top stressors for respondents are debt (82 per cent) and lack of retirement savings (60 per cent).

Among those respondents who consider themselves financially unwell, 81 per cent said dealing with money stresses them out and 49 per cent said their stress levels are distracting at work. That was an increase from last year, when 42 per cent of respondents said they felt distracted at work because of money concerns. Those stressors can also affect absenteeism.

Read: 45% of Canadians have low level of financial wellness: survey

On the flip side, financially well Canadians are more likely to also be physically well: 70 per cent of that group said their physical health is excellent or good, compared to 51 per cent of those who are financially unwell. The financially well respondents are also more likely to eat fruits and vegetables (79 per cent versus 64 per cent) and get exercise (68 per cent versus 45 per cent).

“Our findings show that the role of financial wellness, whether good or bad, affects overall well-being and is an important contributor to helping Canadians reach positive emotional health,” said Sue Reibel, Manulife’s executive vice-president and general manager of institutional markets, in a release.

Researchers also found financially well Canadians are more likely to have a group retirement plan than those who are financially unwell (65 per cent versus 42 per cent), as well as a group benefits plan (79 per cent versus 58 per cent). Those with benefits plans are also less likely to be stressed.
 
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“Employers have an important role to play in their employees’ wellness, physically, mentally and financially,” said Reibel. “Their actions can positively impact the level of engagement and productivity of their teams, which in the long term can impact their bottom line.”

The study polled 2,024 Canadians ages 18 and over in August and September 2016. The average age of respondents was 47, with the participants equally split along gender lines.