On World Mental Health Day, millions of Canadians grappling with the financial strain induced by inflation are also contending with mental health challenges, shedding light on the critical intersection of economic hardship and mental well-being.
World Mental Health Day serves as a poignant reminder of the plight faced by many, as multiple studies consistently underscore the profound impact of financial insecurity on mental health.
A newly released GreenShield Cares Women’s Mental Health Report, conducted in collaboration with Mental Health Research Canada, reveals that a staggering 71% of women in Canada believe that the rising cost of living is adversely affecting their mental health. Significantly, individuals from racialized and marginalized communities are even more likely to report such financial-induced mental health strain.
Compounding the issue, financial obstacles pose barriers to accessing mental health care. Women who needed assistance but refrained from seeking it were twice as likely as men to cite financial constraints as their reason (42% compared to 21%).
Harriet Ekperigin, VP of Mental Health at GreenShield, remarked, “From tapping into savings or relying on credit to cover essential living expenses, these new findings vividly illustrate that women bear a disproportionate burden due to our current economic conditions. When you factor in the unique experiences of women from racialized and marginalized communities, it’s evident that these everyday financial stressors persistently impact their mental health.”
To address these challenges, GreenShield Care’s Women’s Mental Health Program offers free national therapy and mental health services to Canadian women aged 18 and above, emphasizing cultural sensitivity and accessibility.
Amid this landscape, another recent study by the National Payroll Institute has disclosed a concerning 20% year-over-year surge in the percentage of workers categorized as ‘financially stressed,’ bringing the total to 37%.
Peter Tzanetakis, President of the National Payroll Institute, has underscored the urgency of taking proactive measures to assist working Canadians grappling with the economic pressures of the current climate. Tzanetakis emphasized that overlooking or hoping for these challenges to dissipate is not a viable solution and could potentially exacerbate the situation. Instead, he advocates for immediate action, including a reevaluation of financial habits, to navigate the ongoing economic challenges.
Earlier this year, a financial planner and wealth specialist highlighted the pivotal role that financial advisors play in mitigating financial stress among Canadians. She emphasized the importance of fostering a culture of care and support within the financial industry, encouraging Canadians to seek the guidance of certified financial planners or qualified financial associates. These professionals can provide tailored solutions to alleviate financial stress and work together with individuals to chart a path toward financial well-being, assuring them that they are not alone in their journey.
