TORONTO – LIVING – TELUS Health (formerly LifeWorks) has released a special report on Financial Wellbeing, revealing that workers in Canada are feeling uncertain about their financial future. The report was released as part of the Mental Health Index, which found that 26% of workers in Canada are unsure if they will be financially comfortable in the future. Additionally, the report found that workers in Canada are experiencing increasing strain with unfavourable mental health and financial wellbeing scores.
The Mental Health Index score for February 2023 is 62.9 points out of 100, a significant decline of almost two points from January 2023, which is the largest decline in a single month since April 2020. The Financial Wellbeing Index score for February 2023 is 61.3 points out of 100, a decline of more than two points from July 2022.
The report highlights that workers in Canada are overwhelmed by debt and uncertain about their financial future. Of the individuals surveyed, 45% have felt overwhelmed by debt, and 61% of those have not sought financial advice or coaching, with 21% citing embarrassment as their reasoning.
TELUS Health’s Chief Growth Officer, Juggy Sihota, noted that “Employers can adapt by making financial savings and investment plans available, as well as consultation services to help educate and empower their employees.”
The report also found that 36% of individuals would leave their employer for another if they offered a guaranteed income pension plan. Paula Allen, TELUS Health’s Global Leader of Business and Client Insights, emphasized that “Resources such as employee assistance programs and financial wellbeing programs have never been more important; however many are under-communicated. This is the time to change that.”
The full Canadian Mental Health Index report can be found on the TELUS Health website, with additional insights on the negative impact of prior recessions, savings accumulation during the pandemic, investing/retirement planning, and more.
The Mental Health Index is published monthly and 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 0 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.
TELUS Health is a global healthcare leader serving people in more than 160 countries, delivering digital innovation and clinical services to improve total physical, mental, and financial health and wellness.
