Manulife Investment Management today announced the results of its Financial Stress Survey of Canadians, revealing the weight financial stress is having on workers and its impact on employers. The survey shows financial stress has increased this year and the pressure and uncertainty of the COVID-19 crisis has compelled people like never before to seek guidance on financial planning. The 2020 survey includes respondents in both Canada and the United States and captures similar sentiment across the two countries.

The pandemic’s impact on financial stress is evident and significant. In fact, the number of individuals reporting high levels of financial stress more than doubled from 11% pre-COVID to 27% since the crisis struck. Based on today’s realities, including roughly 51% of Canadians dipping into their emergency savings or increasing credit card balances since the beginning of the pandemic, only one-third of survey respondents feel their situations will improve in the coming year. Further, while only 44% of respondents reported experiencing financial stress prior to the pandemic, the number grew to 67% following the outbreak.