Finance woes top factor impacting mental health
Financial matters have turned for the worse for many Canadians this year, according to a report.
Overall, one in four Canadians say their financial situation has declined in the past year.
And this is bad for their mental health. In fact, workers’ financial situation (47 per cent) is the top factor that impacts their mental health, according to the Dialogue report.
Source: Dialogue
One in three employees report worsened mental health, and nearly half (49 per cent) have specifically experienced financial stress in the past 12 months.
Among the factors that are contributing to workers’ financial stress, the rising cost of living (80 per cent) is by-far at the top of the list.
Source: Dialogue
“A staggering 43 per cent of Canadians lack the financial means to access professional mental health care,” says Dialogue. “So, organizations have the power to provide resources for immediate and long-term support. Early intervention can address pressing issues such as stress levels and debt management, while long-term strategies can educate employees to manage their finances and plan for the future through savings and investments.”
Here’s how financial wellbeing is affecting workers’ productivity, say two experts. And amid the rising cost of living, Canadians are struggling to save up for retirement, according to a previous Sun Life report.
How can employers help with workers’ financial troubles?
Currently 62 per cent of employers offer financial counselling services, according to Dialogue’s survey of 1,602 Canadians and 86 HR professionals – between Feb. 1 and 16, 2024.
However, just 24 per cent of workers feel satisfied with what their benefits plan currently offers for their financial planning needs.
Also, 20 per cent of workers say current support is insufficient, and 16 per cent don’t know if they have support.
About two in five 39 per cent do not have any support at all.
Source: Dialogue
“By reevaluating their employee benefits offerings, employers can aim to better support the physical and mental health of employees and their families, thereby alleviating the financial burden of seeking healthcare,” says Dialogue.
Amid rising stress, more Canadians are prioritizing financial well-being, according to a previous report.
