Whether you’re struggling to keep up with the high cost of living, feeling burnt out at work or dealing with other internal pressures, the sting of mental exhaustion for working Canadians is reaching perplexing new heights.
In fact, TELUS’ Mental Health Index report shows mental health challenges intensifying across all sectors and regions. Specifically, it states that financial stress is significantly impacting productivity for 23% of workers.
"This is the most significant decline in TELUS Mental Health Index scores since April 2020, with financial wellbeing experiencing the most notable downturn," Paula Allen, TELUS Health’s global leader of research and insights, said in a statement.
"Every measured aspect of mental health showed a decline, particularly in the proportion of individuals with emergency savings. As we approach a season of increased spending and social expectations, many are feeling the strain of current economic pressures."
The lower productivity particularly applies to younger workers and parents.
The highs and lows of workers’ mental health
The proportion of workers at high mental health risk has reached a new peak, with 37% now in this category, nearly 4% higher than the annual average in the last four years.
Specifically, mental health scores have dropped to 61.3, marking a significant decline of 3.1 points and nearly two points lower than at the start of the pandemic in April 2020. The financial risk mental health sub-score observed the most significant one-month decline at 6.8 points.
Mental health scores have declined across the country. However, Saskatchewan saw the steepest decline at 8.1 points. A staggering 40% of workers frequently feel worried or anxious about their financial situation, with 48% most concerned about the cost of living and 25% about debt.
Slightly fewer than half (47%) of workers report being in a good financial position, which is nearly 10% lower than last year.
Additionally, younger workers, parents and workers without emergency savings are more likely to perceive money as a source of stress and anxiety.
Tips on getting by during the holidays
Dr. Matthew Chow, TELUS Health’s chief mental health officer, had some advice for those struggling to get by this holiday season:
- Set a holiday budget and stick to it: Establish clear spending limits for gifts, entertainment and festivities and track spending
- Talk about finances openly: Have honest conversations with family and friends to set realistic expectations
- Use available resources: Take advantage of your company’s employee assistance program (EAP) for financial advice and support on topics such as budgeting and debt management
"This time of year often brings additional challenges and sensitivities that can deplete our resilience,” Chow said.
"Many struggle silently, feeling they shouldn’t voice their concerns during what’s supposed to be a joyful period. It’s crucial to remember that these feelings are common – you’re not alone. EAPs offer confidential, no-cost support for those who need it."
Survey methodology
TELUS’ index is based on a response scoring system that turns individual responses into point values. Higher point values are associated with better mental health and less mental health risk. Scores between zero to 49 correspond with distress levels, scores between 50 to 79 correspond with strain levels and scores between 80 to 100 correspond with optimal levels of mental health.
The data for the TELUS Health Mental Health Index was collected through an online survey in English and French from October 15 to 28 with 3,000 respondents. All respondents reside in Canada and were employed within the last six months. The data has been statistically weighted to ensure the regional and gender composition of the sample reflects this population.
This article Canadian workers at high mental health risk reaches new peak, surpassing early COVID numbers — So, what’s the cause of so much stress? originally appeared on Money.ca
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
