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Financial Wellbeing Index Canada: Summer 2021

Financial Wellbeing Index Canada: Summer 2021

September 29, 2021

Summer 2021 highlights

Key Insight: One-third of Canadians spend their entire paycheque or more in a typical pay period.

The financial wellbeing of Canadians continues to improve but remains below the pre-2020 benchmark

  • Overall scores have improved or remain unchanged across all areas of financial wellbeing.
  • All provinces except for British Columbia are below benchmark; Alberta has experienced the only decline in Summer 2021 compared to the prior period.
  • For the third consecutive period, full-time post-secondary students have the lowest financial wellbeing score (-11.5).

Financial wellbeing scores are strongly associated with productivity

  • The financial situation of younger people, parents, lower income earners, women, managers, and people working for small employers has a greater impact on their productivity than those in other groups.
  • Lower financial wellbeing scores correspond to lower productivity and higher financial wellbeing scores correspond to higher productivity.
  • The lowest productivity is seen among 4% of people with mental health scores below -40. This group also has the greatest number of unwell days per year (114 days).

More than half of employed Canadians either have no emergency savings or limited savings that would cover less than two months of essential expenses

  • 28% of Canadians have no emergency savings and a further 25% have savings that would cover less than two months of essential expenses.
  • Individuals without emergency savings are less productive by seven days annually compared to those with emergency savings.
  • Respondents feeling stressed over their finances are less productive by 14 days compared to those not stressed over their finances.
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