Money worries a distraction at work for near-majority

Almost half of working Canadians (42%) said that they felt distracted at work because they are worrying about money, according to Manulife’s Financial Wellness study.

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The study also showed that people with a higher level of financial wellness are less distracted at work. Financial wellness is the level of confidence people have about their overall finances (budgeting, retirement, investing, managing debt), and 45% of Canadians say they have a low level of financial wellness.

The report reveals that feeling stressed and worried over financial matters is very common in Canada. The study showed that 70% of Canadians surveyed worry about their financial situation often or sometimes, and among people with a low level of financial wellness, 85% worry about money often or sometimes.

Almost three-quarters (73%) of respondents with an overall low level of financial wellness scored poorly for retirement planning and 63% indicated they had high levels of finance-related stress in their lives. The majority of respondents with a high level of financial wellness scored well for budgeting and debt management, 61% scored well for retirement planning, and 76% scored well for stress management.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.