• Contact Us
  • Privacy Policy
  • Terms Of Service
  • Unsubscribe
  • Do Not Sell My Personal Information
Monday, December 11, 2023
The Finest Reads
No Result
View All Result
  • Home
  • News
  • Education
  • Finance
  • Lifestyle
  • Nutrition
  • Sports
  • Home
  • News
  • Education
  • Finance
  • Lifestyle
  • Nutrition
  • Sports
No Result
View All Result
The Finest Reads
No Result
View All Result
Home Finance

61% of North American Workers Stress More Over Finances than Last Year

admin by admin
January 19, 2023
in Finance
0
61% of employed North Americans are more stressed about their finances today than they were a year ago – and are experiencing the highest level of financial stress since the financial crisis of 2008. That’s according to a new survey by Ceridian, a global leader in human capital management (HCM) technology.
This study, created in partnership with the Financial Wellness Lab of Canada, surveyed more than 4,200 workers across the United States and Canada to analyze three clusters of people – Stressed, Unsettled, and Comfortable – and to understand how each demographic is adapting to economic developments, such as inflation and rising interest rates.
  • One in two workers in North America who had an emergency saving account tapped into it to pay for necessities in 2022 (54%). Within the “Stressed” demographic, the number rose to 67%.
  • Four in five (81%) employed North Americans plan to cut back on discretionary purchases such as dining out, entertainment, and shopping. Virtually all of those in the “Stressed” category plan to spend differently (96%), compared to 40% in the “Comfortable” category.
  • A majority (78%) of employed North Americans are looking to increase income to relieve financial stress in 2023. One-in-three (33%) plan to do this by getting a second job or a side gig.
The study also found that 82% of employed North Americans spend time during work thinking about personal finances. Nearly one-in-four (23%) spend one hour or more a day, with most of those in the “Stressed” cluster. Based on the average hourly wage from government sources2, this time spent thinking about personal finances at work could potentially amount to a US$664B productivity loss for employers – $50B in Canada and $614B in the US, the Financial Wellness Lab of Canada estimates.  
“Financial stress is no longer just an individual’s problem – it’s an organizational roadblock that’s costing companies billions of dollars in lost productivity,” said Seth Ross, General Manager, Dayforce Wallet and Consumer Services, Ceridian. “Employers must provide their people with greater financial flexibility to foster workplace productivity and well-being. By embracing financial wellness benefits like Dayforce Wallet and on-demand pay, organizations can help position themselves as employers of choice by driving greater peace of mind among their employees.”
“Whether workers are highly stressed or comfortable about their financial situation, many are dipping into savings and planning to reduce debt. This signals widespread financial insecurity across all demographics,” said Dr. Matt Davison, Dean of Science at Western University and Lead Research for the Financial Wellness Lab of Canada. “Many are looking for solutions outside their control like asking for a raise or a promotion, but that doesn’t always guarantee the financial buffer they seek.”

[Read More…]

admin

admin

Related Posts

Education

Why no one knows what an adequate education should cost ?

Finance

How the Metaverse Can Transform Education

Finance

How to encourage your teen to build good financial habits ?

Finance

How to Adjust the Speed and Scale of Your Financial Close ?

Finance

Aloha Stadium Consultant’s First-Class Flights Will Be Audited, State Says – Honolulu Civil Beat

Finance

6 Ideas To Help You Start A Mentoring Program In Your Workplace

Load More
Next Post

Harvard Medical School Withdraws From ‘U.S. News’ Rankings

By Categories

  • Education
  • Finance
  • Lifestyle
  • News
  • Nutrition
  • Sports
  • Uncategorized
Email : jamesbobby@thefinestreads.com
Address : 364 E Main St Middletown, DE 19709 (box 857)

Subscribe Us ==>

By clicking submit, I authorize: (1) The Finest Reads to use and share my information in accordance with its Terms of Service and Privacy Policy, and (2) The Finest Reads or third-party companies, including The Finest Read’s business partners, to contact me by email with offers for goods and services at the email address provided. Please note that the information you have provided to us may be supplemented with additional information obtained from other sources.
  • Contact Us
  • Privacy Policy
  • Terms Of Service
  • Unsubscribe
  • Do Not Sell My Personal Information

© 2023 The Finest Reads | All rights reserved.

No Result
View All Result
  • Home
  • News
  • Education
  • Finance
  • Lifestyle
  • Nutrition
  • Sports

© 2023 The Finest Reads | All rights reserved.