According to reports, Canadians’ mental health is negatively affected due to the declining economic conditions month after month. A Telus Health study shows that economic inflation is one of the leading causes of mental health decline.
What a therapist at Living Sky Counselling and Consulting in Regina, Sidney McGillicky, said
A therapist at Living Sky Counselling and Consulting in Regina, Sidney McGillicky, said they live in a culture where when one cannot compete with neighbours or friends, the person can feel low about himself. Self-worth can also be reduced when there comes an inability to provide the prior living standards.
The study shows that the mental health score of Canada at 64.8 out of 100 in January, 2023. The rating of Saskatchewan is above 66.1. In terms of emotional health and mental health, finances are a common stressor that can trigger or create anxiety. He further noted that people have started to prioritize necessities and also negotiated new budgets to fit into their lifestyles.
The Telus Health study further shows that avoiding excessive stress with different financial hardships is essential. One in five Canadians today has cut back on health-related expenses. This includes prescription medications or also gym memberships due to inflation. And this is much more likely for people who do not have emergency savings.
Workers have claimed that financial pressures and Inflation are impacting their relationships and their ability to get healthcare. Parents are 70% more likely than non-parents to cut expenses related to their health. Similarly, individuals without emergency savings are more likely to reduce health-related expenses.
19% of working people said that financial pressure is the reason for their marital relationship decline. Individuals with yearly household incomes lower than $ 100,000 are about 80% more likely to report financial pressure, which is why their marital or partner relationship decline.
32% of workers now avoid being with others, and 62% said their avoidance has started or worsened since the pandemic. However, this group has a mental health score of more than 13 points.
Workers under 40 years of age are 70% more likely to avoid being with others and are more likely to have difficulty managing their emotions.
What Samuel Lichtman (Financial advisor) said
Samuel Lichtman (Financial advisor) said that he sees people struggle with the price of living. One of the majorly common questions he gets is how to cut costs. Or how to be more mindful about spending. He said the present time is the correct time to make difficult decisions. People must audit the spending as one cannot control what one does not track.
For example, using cash and not credit cards can be one way for people to track their spending. Awareness about what one is spending and how one is managing expenses helps a long way.
More about the TELUS Health report
TELUS Health was formerly known as LifeWorks. TELUS Health released its monthly Mental Health Index. It reveals critical insights about how financial pressure, inflation, and inability to manage emotions today impact the mental health of people in Canada.
The Index found that about 20% of surveyed have now reduced spending on health-related expenses. 19% said that financial pressure is the reason for declining relationships. Further, the Index also found that employees in Canada are experiencing growing strain with poor mental health scores.