Canadian HR Reporter

E D I T O R I A L 6 www.hrreporter.com EDITORIAL Editor/Supervisor: Sarah Dobson Employment Law Editor: Jeffrey R. Smith Labour Relations News Editor: John Dujay Production Editor: Patricia Cancilla Contributors: Lorenzo Lisi Andrew Welsh CORPORATE Chief Executive Officer: Mike Shipley Chief Operating Officer: George Walmsley President: Tim Duce Chief Information Officer: Colin Chan Human Resources Manager: Julia Bookallil ADVERTISING Business Development Manager: Fred Crossley (416) 644-8740 ext. 236 fred.crossley@keymedia.com Vice President Sales: John Mackenzie PRODUCTION Designer: Ace Dequina Production Coordinator: Kim Kandravy Client Success Coordinator: Kshipra Dhindaw MARKETING AND CIRCULATION NAUK Subscriptions Coordinator: Donnabel Reyes Marketing Coordinator: Charlyn Macaraeg Global Head of Media Marketing: Adrijana Monevska ISSUE 33.12.2020 www.hrreporter.com Any financial advice would be appreciated AS we head into the new year, no doubt the holiday season will be a more subdued one for 2020. COVID-19 restrictions will see many families and friends limited in their get-togethers. Any festivities will also be marred by the bleak economy, as many people have suffered from layoffs and reduced work hours, relying on limited savings and government benefits to get by. Even those who are still fully employed have concerns about job security. The stresses linked to financial woes continue to add up, judging by recent surveys: • Almost one-quarter (23 per cent) of Canadian workers have been unable to contribute to their retirement savings since the pandemic began, according to a survey from CIBC and Maru/Blue. • The number of people reporting high levels of financial stress since the start of the pandemic stands at 27 per cent, up from 11 per cent pre-COVID-19, according to Manulife Investment Management, and 51 per cent of Canadians are now dipping into their emergency savings or increasing credit card balances. • On top of that, nearly one third (30 per cent) of Canadians are concerned they will not financially recover from the crisis, according to FP Canada. • And while 62 per cent of working Canadians are now saving more than five per cent of their paycheque — up from 59 per cent in 2019 — the rate of financial stress has almost doubled, to 43 per cent from 26 per cent. People are feeling desperate and any guidance from their employer is appreciated. That's backed up by the Manulife survey that found three-quarters of workers feel that an employer-sponsored financial wellness program would positively impact their financial stress. "The silver lining in this year's data is that people are more open to financial advice than in years past," says Sue Reibel, global head of retirement at Manulife Investment Management. Take note, HR: Any efforts to educate and support employees when it comes to finances would go over well at this point, and that leads to improved attraction and retention rates, along with healthier, more productive workers. Sarah Dobson, editor, Canadian HR Reporter group Contents of Canadian HR Reporter are copyright © 2020 HAB Press Limited and may not be reproduced in whole or part without written consent. 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SCAN TO LEARN MORE CHRR newswire sign up.indd 1 CHRR newswire sign up.indd 1 07/11/2020 2:02:27 pm 07/11/2020 2:02:27 pm "The silver lining in this year's data is people are more open to financial advice than in years past." Sue Reibel, Manulife

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