Your client might struggle to meet his monthly budget — if he has one, that is.
Newly released results from a Canadian Payroll Association (CPA) survey reveal that only 52% of those polled say they budget frequently. Of those, 31% say they keep their budgets in their heads — probably not the best strategy for success.
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Further, of those who do budget, only 52% stick to their budgets.
The fallout: a high level of financial stress that ultimately impacts work performance, says CPA.
That finding is confirmed by a Manulife study that reveals financial struggles can cause a cycle of physical and mental health problems, reducing productivity and quality of life.
A root cause of poor cash-flow planning could be a lack of solid financial advice. For example, the association finds that only 38% of Canadians get financial and retirement advice from financial advisors and banks, while 27% rely on family, friends and the internet.
About the survey: A total of 4,766 employees from across Canada, and from a wide range of industry sectors, responded to an online research survey between June 27, 2017, and Aug. 5, 2017, using a convenience sampling methodology.
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