Sun Life survey finds financial-related
challenges cause the most significant stress
TORONTO, Dec. 8, 2016 /CNW/ - Financial stress has a
serious impact on Canadians' work life. According to the 2016
Sun Life Financial Canadian Health Index, almost one-third (29
per cent) of Canadians are distracted at work as a result of their
financial situation.
Three of the four top drivers of uncomfortable levels of stress
for Canadians are all related to financial challenges:
- 45 per cent worry about personal/household finances;
- 32 per cent worry about trying to maintain a budget; and
- 31 per cent worry about unexpected expenses.
One-third of Canadians also report feeling insecure about their
overall financial health. When asked what the largest barriers to
improving their situation were, respondents said:
- Current income (48 per cent);
- Current debt level - mortgage and credit cards (25 per cent);
and
- Current employment situation - contract and temporary work (24
per cent).
"Financial health is an important component of our overall
health and wellness because it has a direct impact on our
day-to-day lives, at work and at home," explains Kevin Dougherty, President, Sun Life Financial
Canada. "Canadians are balancing competing priorities when it comes
to their finances, especially as we head into the holidays. While
it's important to understand how to budget, plan for retirement,
manage debt and be prepared for the unexpected, it's not always
easy to do this on your own. Working with a financial advisor can
help build a lifetime of financial security and
well-being."
Getting on the path to financial security can seem intimidating.
The below tips can help Canadians on their journey:
- If your employer offers a workplace pension plan with a
matching component, contribute the maximum amount possible;
- If you don't have access to a workplace pension plan, you can
work with a financial advisor to create a retirement savings plan
through annuities or segregated funds;
- Start saving and investing as early in life as possible to set
yourself up for success in all your financial needs. RRSPs and
TFSAs are great vehicles to consider first.
- Having a financial plan in place can help outline where you
are, where you want to be and how to get there. A plan can also
help reduce uncertainties, especially during times of economic
volatility.
- Setting a realistic and attainable budget can help you pay down
debt and save for the short-term and long-term.
"Employers have a role to play in supporting their employees'
financial health," Mr. Dougherty explains. "Offering workplace
savings plans, access to a qualified financial advisor and
encouraging participation in financial education programs can help
reduce stress in the workplace. This access and opportunity to save
can help build a healthier and more engaged organization."
For more key findings and results on the 2016 Sun Life
Canadian Health Index, visit
www.sunlife.ca/CanadianHealthIndex. For more information on healthy
living and financial planning, visit Learn and Plan.
About the Sun Life Canadian Health Index survey
The Sun Life Canadian Health Index measures the attitudes
of Canadians towards healthy lifestyles and reports these in the
form of an index.
The seventh annual Sun Life Canadian Health Index is
based on the findings of an Ipsos Reid poll conducted between September 19 and September 30, 2016. A
sample of 2,402 Canadians from 18 to 80 years of age was drawn from
the Ipsos I-Say online panel.
Ipsos employed weighting to balance demographics and ensure the
sample's composition reflects that of the adult population
according to Census data and to provide results intended to
approximate the sample universe.
The precision of Ipsos online surveys is measured using a
credibility interval. In this case, the survey is accurate to
within +/-2.0% at 95% confidence level had all Canadian adults been
polled. All sample surveys and polls may be subject to other
sources of error, including, but not limited to methodological
change, coverage error and measurement error.
For more key findings and results on the 2016 Sun Life
Canadian Health Index, visit
www.sunlife.ca/CanadianHealthIndex.
About Sun Life Financial
Sun Life Financial is a leading international financial services
organization providing a diverse range of protection and wealth
products and services to individuals and corporate customers. Sun
Life Financial has operations in a number of markets worldwide,
including Canada, the United States, the United Kingdom, Ireland, Hong
Kong, the Philippines,
Japan, Indonesia, India, China,
Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2016, the Sun Life Financial group
of companies had total assets under management of $908 billion. For more information please visit
www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New
York (NYSE) and Philippine (PSE) stock exchanges under the
ticker symbol SLF.
Note to Editors: All figures in Canadian dollars.
For further information
Yasna
Criscione
Sun Life
Financial
416-204-8110
yasna.criscione@sunlife.com
Kim Armstrong
Sun Life Financial
416-979-6207
kim.armstrong@sunlife.com
SOURCE Sun Life Financial Canada