Recent data suggests that as many as 41 per cent of working Canadians are financially stressed. Nearly $4 million in research grants to London’s Western University’s Faculty of Science are exploring financial wellness, deep diving into the data, and crunching the numbers. “Our goal is to change the trajectory of financial stress in Canada, permanently, and to do that we need thought leadership from across many disciplines,” said Chuck Grace, Ivey Business School lecturer Ongoing studies at Western combine statistics, financial models, and datasets provided by corporate partners in order to paint a true picture of the nation wide financial crisis. “Financial wellness is a complex topic that has not been thoroughly studied through a data-driven, financial modelling lens,” said Matt Davison, dean of the Faculty of Science and principal investigator at Canada’s Financial Wellness Lab. Unfortunately, the math is not as simple as dollars in, dollars out, “It’s a surprisingly complex puzzle that typically involves multiple income streams, escalating health-care costs, unpredictable longevity, questions of legacy and, sometimes, cognitive issues – to name just a few of the puzzle pieces,” said Davison. The project takes into account a wide variety of financial decisions faced by everyday Canadians like growing families, and the increasing costs of housing and debt. The aim is to develop tools and strategies to increase financial literacy and resilience for Canadians, as well as examining the link between financial stress, and workplace satisfaction. The project also spans multiple educational institutions including Wilfrid Laurier, York, UBC, University of Winnipeg and the Indian School of Business.
