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Calulator, piggy bank and pile of coins

The State of Financial Wellness in Canada

Many Canadians continue to struggle with high debt levels and some feel they have insufficient savings for the future, causing them stress and anxiety. This, in turn, can translate into diminished productivity in the workplace. Many Canadian employers feel that they have a responsibility to help their employees with their financial wellness. However, most programming focuses strictly on information dissemination. Providing interactive programming, such as face-to-face initiatives, may be more effective in helping employees achieve financial wellness.

Features

Maple leaf  

Economic Outlook for Canada’s Provinces

Thanks to rising oil production and a swift turnaround in drilling levels, Alberta surged out of recession this year and will lead the country with robust economic growth of 6.7 per cent. Next year, however, the province will take a back seat to British Columbia, who will emerge once again as the provincial growth leader. Newfoundland and Labrador will be the only province that will see an acceleration in economic growth in 2018, while all other provinces can expect slower growth.


Hand holding a credit card  

Bright Outlook for Canadian Retailers and Wholesalers This Holiday Season

While the closure of Sears in Canada has dominated the news, Canadian retailers are having a good year. Consumer confidence has surged throughout the year, prompting Canadians to open their wallets and boosting the performance of most retail sectors. Sales are expected to rise by as much as 11 per cent in home improvement stores in 2017, while grocery stores will see more muted growth of close to 3 per cent. Starting next year, however, record levels of household debt will weigh on consumer budgets, limiting their spending and tempering growth in retail.


Older man sitting on a rumpled bed  

Need for Long-Term Care Beds Could More Than Double by 2035

As the baby boomers enter their golden years and begin requiring assistance in their day-to-day lives, there will be a significant and sustained increase in demand for long-term care in Canada. Without changes to how health care for seniors is being delivered, Canada could need 42,000 new long-term care beds in just the next five years to meet the needs of an aging population. By 2035, this number could increase to 199,000—nearly double the 255,000 beds available in 2016.


Young girl with head in hand  

Addressing Youth Mental Health in Canada

Close to 2 million working Canadians have unmet mental health care needs that prevent them from performing to their highest potential. Among them, young Canadians, between the ages of 15 and 24, are the most likely to have experienced mood disorders or major depressive episodes within the past year. This group represents the highest cost to the Canadian economy in lost productivity over their working lives. With more precarious employment, such as part-time or temporary work, they may have limited or no access to workplace benefits coverage. It is important to find ways to reduce the barriers they face in seeking treatment and support for mental illness.


Striped arms holding a bag of money  

Trump Shadow: The New Urgency of Business Tax Reform in Canada

Canada’s tax policies as they pertain to business are coming under the microscope, and the pressure will get even more intense if the United States is able to reduce corporate and personal tax rates. Canada is becoming less competitive in business taxation compared with other developed countries and is facing additional pressure amid the shadow of tax reform legislation in the United States and the need to boost business investment at home.


Hands holding various currencies  

Crowdfunding: A Welcome Addition to Canada’s Innovation Finance

With Canadian innovators regularly citing financing as a major barrier to their success, crowdfunding is a recent innovation with the potential to address their financing needs. Crowdfunding uses Internet technologies to directly connect investors and entrepreneurs, offering innovators more options to mix their funding sources. The vetting process for crowdfunding projects may also provide additional managerial and technical insights not otherwise available to innovative start-ups. While still smaller than other available sources of risk capital in Canada, high growth rates in other countries suggest that within the next decade crowdfunding may rival angel investing, which raised an estimated $500 million in 2016.


Young businesswoman resting head on folded hands  

Do You Know Everything You Need to Know About Workplace Mental Health?

Previous Conference Board research has found that lost productivity due to depression and anxiety alone is costing the Canadian economy billions of dollars. While mental health is often thought of as an individual issue, there is an important role that organizations can play in creating the conditions to effectively support employees. Our one-day workshop, Leading Mentally Healthy Workplaces, will provide information and tools to create psychologically healthy and safe workplaces.



CBoC Highlights

Two people speaking
Depression infographic thumbnail
The National Summit on Indigenous Youth and Natural Resources Development brought Indigenous youth together with industry, government, and Indigenous leaders to explore how to build a stronger, more collaborative, and equitable natural resources sector in Canada. These infographics break down the cost of lost productivity due to anxiety and depression by age cohort.
   
Maire-Christine Bernard Video still
Marie-Christine Bernard joined BNN to discuss whether Ontario can afford the pledges made in the province’s economic update. This animated video examines the state of financial wellness in Canada.

In This Issue

  • The State of Financial Wellness in Canada
  • Economic Outlook for Canada’s Provinces
  • Bright Outlook for Canadian Retailers and Wholesalers This Holiday Season
  • Need for Long-Term Care Beds Could More Than Double by 2035
  • Addressing Youth Mental Health in Canada
  • Trump Shadow: The New Urgency of Business Tax Reform in Canada
  • Crowdfunding: A Welcome Addition to Canada’s Innovation Finance
  • Do You Know Everything You Need to Know About Workplace Mental Health?

Previous Issues

Recent Op-Eds

The Right Policy Responses to the Forces of Disruption, The Globe and Mail, November 27, 2017

In a Time of Robots, Educators Must Invest in Emotional Labour, The Conversation, November 26, 2017

Gender Equality Is a Welcome Addition to Trade Agreements, The Globe and Mail, November 15, 2017

Low-Carbon Economy Will Not Be Made by Policy Alone, The Globe and Mail, November 8, 2017

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