According to LifeWorks’ quarterly Financial Wellbeing Index, there is a growing need for reliable resources and tools to improve Canadians’ financial health.

 

Spokesperson Paula Allen, explains 28 per cent of working Canadians don’t have emergency savings, which will make it more difficult for them to withstand any kind of upheaval that impacts their finances.

 

Additionally, 26 per cent only have enough savings to cover a few months of essential expenses.

 

Here, Allen shares how Manitoba fares compared to the rest of the country.

 

"Manitoba really is coming around the middle of much lower scores in the Maritimes and we have a bit lower scores than Saskatchewan. Manitoba, like the rest of Canada , financial wellbeing has been impacted. So we’re seeing financial wellbeing being lower now than it was in our benchmark series which was prior to the pandemic. Manitoba is,  compared to where they were prior to the pandemic,  about middle of the road and that decline.

 

Allen says the recent index found having access to credible financial information leads to better a better financial wellbeing score.

 

The 37 per cent of respondents who said they relied on family members as their main source of financial information, 22 per cent that relied on friends, and eleven per cent that found information on social media had lower scores compared to people who said they counted on a financial advisor.

 

For more on the Financial Wellbeing Index, listen to the podcast here at thompsononline.ca.