Payroll Contributes to Improving the Financial Wellness of Canadians

The Canadian Payroll Association donation will help set up a new Canadian Financial Wellness Lab in Western University

TORONTO, April 29, 2021 / CNW / – Canadians are worried about money and need help.

According to an analysis of survey results conducted just months after the pandemic broke out, 43 percent of working Canadians are financially stressed – an 18 percent increase from the 2019 11-year average.

As part of an ongoing commitment to supporting the financial wellbeing of working Canadians, the Canadian Payroll Association is proud to support the launch of the Canadian Financial Wellness Lab (“the Laboratory”) Western Universitywith a contribution from $ 750,000 and 12 years of proprietary survey data with a total of nearly 40,000 unique responses.

“”Canada 77,000 payroll professionals are an integral part of the financial wellbeing of coast-to-coast workers. To effectively manage their financial obligations, workers rely on payroll to be paid accurately and on time every time, “he says Peter Tzanetakis, President of the Canadian Payroll Association. It is for this reason that the Canadian Payroll Association has conducted research for over a decade focusing on the financial stress so many Canadians experience from living from paycheck to paycheck. Support for the Financial Wellness Lab establishment is a natural evolution from this research. “

The Canadian Payroll Association is also confident that the lab’s findings will be useful to members as they continue to develop their roles as essential contributors to the financial wellbeing of employees. Research in 2020 found that productivity losses due to financial burdens roughly cost Canadian employers $ 20 billion yearly.

“”Western University is grateful for the gift from the Canadian Payroll Association of $ 750,000 that made it possible to start the lab, “says Chuck Grace, Manager of the Canadian Financial Wellness Lab. “In addition to his generous donation, the wealth of data the Association has provided will enable our world-class researchers to gain a more precise and comprehensive understanding of Canadians’ financial wellbeing.”

The story goes on

Grace is a finance lecturer at Western’s Ivey Business School, teaching courses on personal wealth management, institutional investing, and fintech.

THE CANADIAN FINANCIAL WELLNESS LAB
Based on Western UniversityThe Canadian Financial Wellness Lab is supported by industry partners: the Canadian Payroll Association, Ceridian, Morneau Shepelland Aligned Capital Partners Inc.

The laboratory’s exceptional academic team will apply leading-edge analytical approaches, including financial modeling and machine learning, to data provided by each industrial partner. The broad and specifically Canadian nature of this data enables the research team to gain a deeper, more detailed, and broader understanding of complex issues such as financial wellbeing and resilience.

Far from being purely academic, the lab’s goal is to translate insights into data-driven information and tools that Canadians can use to take control of their financial well-being and improve their financial decisions.

ABOUT THE CANADIAN PAYROLL ASSOCIATION
Canada 1.5 million employers rely on payroll practitioners to ensure timely and accurate annual payment of wages and taxable benefits of $ 1.02 trillion and legal remittances of $ 345 billion, simultaneously Meet more than 200 federal and provincial regulatory requirements. As the source of Canadian payroll compliance knowledge, the association promotes payroll compliance through advocacy and education. You can find more information about the association at payroll.ca.

ABOVE WESTERN UNIVERSITY
Western offers an academic experience that is second to none. Since 1878, The Western Experience has combined academic excellence with lifelong opportunities for intellectual, social, and cultural growth to better serve our communities. Our excellent research expands knowledge and drives discovery with real-world applications. Western attracts broad-minded people who seek to study, influence, and lead the international community

SOURCE Canadian Payroll Association

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