The latest survey from licensed insolvency trustees Hoyes, Michalos here reports that consumer insolvencies in Ontario–Canada’s most populous province–accelerated in July, growing at a 3-month moving average pace of 17.4%, a level last seen in the 2008-2009 recession. Nationally, the year over year rate of change was 13.4%.
This marked 15 consecutive months of insolvency growth in Ontario and the pace of growth is increasing.
Not surprisingly, it turns out that policies enabling Canadians in becoming financially emaciated with lots of debt, low savings and risky financial products, have huge longer-term costs on the nation’s productivity, financial resilience, health and stability. See the results of a new CPA study in 43% of Canadians say financial stress is hurting their work productivity:
Forty-three percent of Canadians say they are so stressed about their finances that it’s actually affecting their performance at work, according to a survey released Wednesday.
The study by the Canadian Payroll Association (CPA) found that nearly a quarter of working Canadians say they spend just under 40 minutes each day distracted by personal finance matters on the job. In other words, financial stress has caused an 8.1-per-cent loss in productivity, based on an eight-hour workday, CPA says.
“The costs of financial stress on people, their families, businesses and the economy are staggering,” CPA President Peter Tzanetakis said in a release. Here is a direct video link.
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