#FinancialFridays: A recent survey reveals that mental health and financial worries are deeply connected. Learn more here.
For many people, their mental health can be deeply impacted by financial concerns. A recent article by the Financial Post explores the connection of mental health challenges to income, housing and employment insecurity which for many has been made worse by the effects of the pandemic.
A survey by Credit Counselling Canada revealed that 4 out of 10 Canadians disclosed that their mental health worsened as a direct result of their financial situation since the start of the pandemic.
Other survey results include:
- 3 in 10 respondents (32%) said their mental health has been negatively impacted by job insecurity (reduced hours/pay, layoffs, lack of new opportunities).
- 44% feel their mental health has been negatively impacted by trying to keep up with household expenses (transportation, food, utility bills, phone bills, insurance, clothing).
- 33% of Canadians indicated their mental health has been negatively impacted by trying to keep up with consumer debt payments (credit card(s), auto loan(s) and medical payments).
- 25% said that their mental health has been negatively impacted by housing insecurity (ability to secure housing or pay rent/mortgage).
- 36% of young adults (aged 18-34 years) indicated their mental health has been negatively impacted by financial pressure with post-secondary education (paying tuition, books, lodging, student loan(s), etc.)
In any given week, at least 500,000 employed Canadians are unable to work due to mental health problems. This number is staggering. Sadly, Canadians in the lowest income group are 3 to 4 times more likely than those in the highest income group to report poor to fair mental health.
Are you facing financial challenges? If you need help getting your finances back on track, reach out to Caroline, our Financial Literacy Program Coordinator at email@example.com or 519-376-1560. She can help you look at your financial situation and decide on a positive path forward.
If you are feeling overwhelmed by your situation and are in need of resources and support, call 211 to find services near you. If you are in distress, you can call the Mental Health Crisis Line of Grey Bruce at 1-877-470-5200. For all mental health emergencies, call 911.