‘When people are anxious about bills, debt, or savings, it doesn’t just affect their productivity; it affects their mental health, relationships and sense of control’
For most workers in Alberta, financial problems are hurting job performance, according to a report.
Overall, 67 per cent of people living in the province have been distracted by financial concerns at work in the past month, reports Money Mentors, in partnership with Angus Reid.
Nearly six in 10 (58 per cent) report that money worries have impacted their job performance in the past year.
This is a regular occurrence for many. About one in five respondents (19 per cent) say financial stress affects them weekly, while 15 per cent experience it daily.
“Albertans are working hard, but financial stress doesn’t clock out when the workday starts,” says Stacy Yanchuk Oleksy, CEO of Money Mentors. “When people are anxious about bills, debt, or savings, it doesn’t just affect their productivity; it affects their mental health, relationships, and sense of control.”
Alberta’s wages are falling behind the rest of Canada, despite the province having the highest gross domestic product per worker, according to a previous report.
Workers calling for employer support
Just 29 per cent of Alberta workers say they could manage for six months or more if they lost their job, according to the Money Mentors survey of 800 respondents.
Under one in five (17 per cent) say they could last less than a month, and six per cent say they could not cover any expenses at all.
Nearly two-thirds (64 per cent) of respondents also say they are not confident they will be able to retire at their desired age.
A majority of Albertans expect their employers to play a role in supporting financial wellness. More than half (57 per cent) believe employers should actively support financial well-being, and another 34 per cent somewhat agree, finds the survey.
Respondents have expressed interest in workplace initiatives such as budgeting workshops and access to non-profit counselling, suggesting that employer-backed financial wellness programmes could help reduce stress and improve focus at work.
“Employers have an incredible opportunity to make a difference by helping their teams build financial confidence,” says Oleksy.
Business case for financial well-being
Employers should help workers address their financial concerns, according to Mercer.
“Whether it means getting the best from your employees day to day or holding on to talented workers, financial wellbeing is a core business concern as employers seek to support, engage and retain their people. However, few organisations can afford to award their people pay increases that keep pace with inflation that has been in double digits. And more pay often isn’t a sufficient answer for people who have lost control of their finances.
“Therefore, as an employer, you need to remind your employees about the benefits you provide and make sure they understand and make the most of these benefits. Your people are looking to you for help to manage short-term money worries and become more financially resilient.”
