September 15, 2022
More than one-quarter of Canadians are concerned about their ability to cover basic living expenses
LifeWorks Financial Wellbeing Index™ finds half of Canadians feel the biggest impact of inflation in the cost of groceries
TORONTO, September 15, 2022 – LifeWorks, a leading provider of digital and in-person total wellbeing solutions, today released its quarterly Financial Wellbeing Index™. The report showed that 29 per cent of Canadians are concerned about their ability to cover basic living expenses. Additionally, Canadians cited the cost of groceries, gas and housing as the top areas inflationary increases have impacted.
The Index found that the financial wellbeing of Canadians is at its lowest point since the launch of the Index in January 2021 and has been on a continuous decline since the height of the pandemic.
- The Financial Wellbeing Index™ score for summer 2022 is 64.0, a decline from the winter 2022 score of 65.2.
Many Canadians are concerned about their ability to cover basic living expenses
- Twenty-nine per cent of Canadians who are concerned about their ability to cover basic living expenses.
- Forty-seven per cent of individuals are not concerned about their ability to cover basic living expenses.
- Individuals under the age of 40 are 75 per cent more likely than those over the age of 50 to be concerned about their ability to cover basic living expenses.
Canadians are facing a range of negative inflationary impacts
- Fifty per cent of Canadians feel the biggest impact of inflation is the cost of groceries.
- Thirty-five per cent of individuals cite the cost of gas as the biggest area impacted because of inflation.
- Five per cent of Canadians feel the biggest impact of inflation in debt repayment.
Comments from president, retirement and financial solutions and executive vice president, Idan Shlesinger
“The last quarter has been riddled with heightened financial concerns as inflation, interest rates and overall cost of living have significantly increased. Canadian organizations have an opportunity to provide much needed support to their employees at a time when many are struggling to juggle short term and longer-term priorities. Recognizing that resources aren’t effective if there are accessibility barriers, breaking these down should be a top priority as leaders look to drive their business forward.”
Comments from global leader and senior vice president, research and total wellbeing, Paula Allen
“As the financial wellbeing of Canadians reaches its lowest point in 18 months, it’s important for employers to remember that actions always speak louder than words when it comes to support. Investing in financial education and providing access to financial programs and services are critical first steps. Financial wellbeing plays a monumental role in overall wellbeing, and also impacts work productivity. As strategic planning for 2023 begins, organizations that prioritize this will find themselves well ahead of competitors in the months and years to come.”
The full LifeWorks Financial Wellbeing Index™ report can be found here. This quarter, the report includes additional insights on Canadians’ ability to meet mortgage payments, emergency savings, financial education, the impact of the stock market decline and more.
LifeWorks is a wholly owned subsidiary of TELUS now operating as part of TELUS Health as a result of its recent acquisition.
About the Financial Wellbeing Index™
The Financial Wellbeing Index™ by LifeWorks was conducted through an online survey in English and French from July 7 to July 13, 2022, with 3,000 respondents in Canada. All respondents reside in Canada and were employed within the last six months. The data has been statistically weighted to ensure the regional and gender composition of the sample reflect this population. The Financial Wellbeing Index™ is published quarterly, beginning January 2021, and compares against benchmark data collected in 2019.
Beginning in the summer 2022, corresponding to year two of the Financial Wellbeing Index™ by LifeWorks, scores are represented as absolute. To create the Financial Wellbeing Index™, a response scoring system is applied to turn individual responses into point values. Higher point values are associated with better financial wellbeing and lower financial risk. Scores between 0 to 49 correspond with distress levels, scores between 50 to 79 correspond with strain levels and scores between 80 to 100 correspond with optimal levels.
About TELUS Health
TELUS Health is a global healthcare company serving people in more than 160 countries delivering both digital innovation and clinical services to improve total physical, mental and financial health and wellness across the full spectrum of primary and preventative care. By leveraging the power of technology to deliver connected solutions and services both in-person and virtually, TELUS Health is improving access to care and revolutionizing the flow of information while facilitating collaboration, efficiency, and productivity for physicians, pharmacists, health authorities, allied healthcare professionals, insurers, employers and people globally, progressing its vision of transforming healthcare and empowering people to live healthier lives.
Our clinical team is composed of renowned and passionate health professionals around the world delivering best-in-class people-centric care to hundreds of thousands of employers, professionals and their families.
For more information, please visit: www.telushealth.com.
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TELUS Public Relations