A recent report by TELUS Health reveals that financial pressures are taking a severe toll on the mental health of Canadian workers, with 37 percent now categorized as being at high mental health risk.
The TELUS Mental Health Index, released today, paints a concerning picture, with national mental health scores falling to 61.3 – a 3.1-point decline and the lowest level since April 2020. Financial stress emerged as a key driver of this downturn, particularly as the holiday season brings added spending pressures.
Financial Strains Fuel Mental Health Crisis
Paula Allen, Global Leader of Research and Insights at TELUS Health, described the findings as “the most significant decline in TELUS Mental Health Index scores since the early days of the pandemic.” She pointed to financial well-being as the hardest-hit area, with a sharp drop in the number of individuals reporting emergency savings.
“Every dimension of mental health we measure has declined,” Allen said. “The combination of rising living costs, debt, and seasonal expenses is amplifying the pressure on workers.”
The report shows that nearly one-quarter of workers (23 percent) are grappling with financial stress, while 40 percent frequently feel anxious about their finances. Rising living costs are the top concern for 48 percent, followed by debt (25 percent).
Fewer than half of workers (47 percent) now report being in a strong financial position, marking a 10 percent decrease compared to last year.
Regional and Demographic Trends
The mental health crisis varies across provinces and demographic groups:
- Saskatchewan saw the largest decline in mental health scores, dropping by 8.1 points.
- Younger workers, parents, and individuals without emergency savings reported heightened stress and anxiety linked to finances.
- Financial risk sub-scores experienced a sharp 6.8-point decline within a month.
- Employer Support: A Critical Solution
Allen emphasized the role employers can play in alleviating financial and mental health burdens.
“Employers can make a meaningful difference by promoting resources like Employee Assistance Programs (EAPs),” she said. EAPs offer confidential support, including mental health services, financial consultations, and family care assistance.
The report found that workers unaware of their employer’s EAP or lacking access scored at least three points lower on the mental health index than those with access to these resources.
Coping During the Holidays
Matthew Chow, Chief Mental Health Officer at TELUS Health, noted the additional strain many workers face during the holiday season.
“Many people struggle silently, feeling that they shouldn’t voice concerns during what’s meant to be a joyful time,” Chow said. “It’s essential to remember that these feelings are common, and you’re not alone. EAPs are there to provide free, confidential support.”
To manage financial well-being over the holidays, Chow recommended three practical steps:
Set a Budget and Track Spending: Define clear spending limits for gifts, entertainment, and celebrations.
Discuss Finances Openly: Have honest conversations with loved ones to establish realistic expectations.
Utilize Available Resources: Seek expert guidance on budgeting and debt management through EAPs.
Building Connections to Combat Isolation
The report underscores the importance of fostering community and connection as a means to counter anxiety and loneliness. TELUS Health encourages Canadians to check in with loved ones and cultivate meaningful relationships, which can significantly enhance mental well-being.
As financial stress continues to rise, the findings highlight the urgent need for both individual and collective efforts to address mental health challenges in the workplace and beyond.
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