- Posting by Chidi
TELUS Health (formerly LifeWorks), released a special report on Financial Wellbeing as part of its Mental Health Index revealing workers in Canada are feeling uncertain about their financial future. Notably, the Index found that 26 per cent of workers in Canada are unsure if they will be financially comfortable in the future.
The Index 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 noteworthy 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 more than two-point decline from July 2022.
Workers in Canada are uncertain about their financial future and feel overwhelmed by debt, yet many are embarrassed to seek support
- Forty-five percent of individuals have felt overwhelmed by debt.
- Sixty-one percent of workers in Canada who have felt overwhelmed by debt have not reached out for financial advice or coaching for debt, with 21 percent citing feeling embarrassed as their reasoning.
- Of those who have reached out for financial advice or coaching for debt, only four percent have done so through their employee and family assistance program (EFAP).
Workers in Canada believe a range of financial support would be valuable if offered by their employer.
- Forty percent of workers in Canada report automatic savings/investment plans would be valuable if offered by their employer.
- Thirteen percent of individuals report personal financial advice would be the most valuable if offered by their employer, followed by 12 percent who report a hardship or emergency fund would be most valuable.
- Thirty-six percent of individuals would leave their employer for another if they offered a guaranteed income pension plan.
The full Canadian Mental Health Index report can be found here. This month, the report includes additional insights on the negative impact of prior recessions, savings accumulation during the pandemic, investing/retirement planning and more.
This article was not written by us we just shared as we thought it might be helpfulClick Here to Visit Orignal Source of Article https://charityvillage.com/nearly-half-of-workers-in-canada-are-feeling-overwhelmed-by-debt/