Many Canadians face declining mental and financial health, with benefits underused amid rising costs
Rising economic pressures are negatively affecting the well-being of working Canadians, according to a recent survey from RBC Insurance.
The survey revealed declines in perceptions of mental health (57 percent), job satisfaction (55 percent), and financial health (44 percent), each down 5 points from 2023.
Despite increasing costs of living, many are not taking advantage of their employer-provided benefits, which could help provide much-needed support.
Nearly one-quarter (24 percent) of respondents with employer-provided benefits admitted they are not familiar with their coverage. Only 5 percent consider these benefits as their primary resource for well-being needs.
Additionally, over a quarter (26 percent) of working Canadians either do not have or are unsure if they have access to employer-provided benefits.
“These findings emphasize the need for employers to take a more proactive approach in educating their employees about the supports available to them through their employee benefits programs,” said Andrejka Massicotte, head of Group Benefits at RBC Insurance.
“In today’s challenging economic environment, it’s essential for Canadians to fully understand and access their existing employer-provided benefits, which can significantly support their financial and overall health and well-being needs.”
The survey uncovered a gap between the availability of benefits programs and their use to support financial and overall well-being. Canadians are struggling most with financial security (56 percent), sleep quality (50 percent), and physical fitness (39 percent).
More than half (52 percent) of respondents said they or their spouse are dealing with at least one mental or physical health condition, with 30 percent specifically reporting a mental health-related disability.
This highlights the need for accessible mental health support within employer-provided benefits.
Although many working Canadians acknowledge the need to improve their health and well-being, barriers such as affordability (54 percent), lack of motivation (35 percent), busy schedules (33 percent), mental health (25 percent), and long working hours (19 percent) prevent them from doing so.
Additionally, some respondents feel uncertain about where to start (17 percent) or lack access to resources (15 percent).
Women, in particular, are more likely to cite affordability (59 percent), motivation (39 percent), and mental health (31 percent) as barriers compared to men.
“This disconnect points to a critical opportunity for employers and insurers to better educate and engage employees, showing them the value-added services, they may already have access to that can assist with addressing various aspects of their well-being,” said Massicotte.
She encourages employers to improve communication about benefits, offer personalized solutions through their benefits provider, and make it easier for employees to access the support they need when they need it.
