Economy taking toll on Canadian’s financial and mental health

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April 2023

Manulife released the Manulife Retirement survey: Stress, finances, and well-being, which provides an overview of how Canadians with an employer-sponsored retirement plan are feeling about their well-being, overall financial security, and retirement preparedness.

The report reviews how Canadians are coping with the current economic climate and provides an overview of the potential implications of the macroeconomic environment.

Some highlights from the report include:

  • Financial progress gained during the pandemic has declined in the past year with only 1 in 5 Canadian workers describing their financial situation as strong and 2 in 5 describing it as fair or poor
  • The report found that 1 in 3 employees surveyed think they’ll have to retire later than planned, a significant increase from the 1 in 4 who said they’d need to delay retirement last year
  • Sixty-two percent of employees are interested in receiving financial planning and mental health resources from their employer
  • Seventy-one percent of workers say their mental health has interfered with their ability to work in the past year
  • Employee stress can cost Canadian employers close to $2,000 a year per employee

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