Many workers are stressed about their finances, and this is harming their mental health and work productivity. But this stress isn’t evenly distributed across demographics, with women and younger people bearing the brunt of the financial worries. While 32% of respondents rated their financial position as good or excellent, over a quarter worry a great deal about basic expenses like housing and food. One thing a majority of survey respondents agreed on was financial support programs from an employer would reduce stress.
Under pressure: Persistent mental stress and work
Half of all workers surveyed said they feel stressed often or all of the time
Almost ⅓ of employees also responded saying they’ve experienced feelings of loneliness and depression over the last year, in addition to feelings of financial stress.
The paradox of financial stress
Almost two out of three employees say they are in a good financial situation – but this is not reflected in stress levels
Despite financial situations improving for many survey respondents since the 2020 financial stress survey, twice as many people reported major general or financial stress during the pandemic.
“The same way we might turn to a personal trainer to improve our physical health or a counsellor to support our mental wellbeing, financial advisors can help us build a foundation for good financial health.”
Leo Zerilli, Head of Wealth and Asset Management, Canada Manulife Investment Management
Not business as usual - the next frontier is a healthy organization
While the financial stress impacts every Canadian at different levels, one thing is clear – it is prevalent, made worse by the pandemic, and impacts employees at their work. Ongoing mental health challenges remain a struggle for many, especially among certain demographics like women and younger people. But there’s good news – employers can help. A majority agree a workplace financial wellness program would reduce stress and improve productivity.
These are only some of the findings from our survey. Interested in learning more about how financial stress is impacting employees? Download our full whitepaper here.
Get in touch with your Manulife representative.
All statistics, charts and data within this document were pulled from the 2021 Manulife Canada Retirement Study: Stress, finances, well-being.
The 2021 Manulife Canada Retirement Study: Stress, finances, well-being was commissioned by Manulife Investment Management and John Hancock Retirement and conducted by Greenwald & Associates. An online survey of 589 John Hancock Retirement plan participants and 1,026 Canadians was conducted in August 2021.
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