Report suggests role of insurance coverage in helping working Canadians maintain their financial health
The link between financial and mental health has been well established over the years, and new findings from RBC Insurance only serve to bolster the existing body of evidence.
In a recent poll of Canadians who are employed or have recently been laid off, 62% of respondents ranked their mental health as excellent or good, compared to 66% of respondents in a similar survey conducted in 2019. In addition, less than half (45%) of participants in this year’s survey rated their financial health as excellent or good since the pandemic.
Looking more thoroughly at the results, RBC Insurance found that working Canadians with insurance coverage of any kind – whether private, group, or a mix of both – were more likely than uninsured workers to give an “excellent” or “good” assessment of their mental health (65% versus 55%) as well as their financial health (48% versus 36%).
“The negative impacts [of the pandemic] on mental health is worrisome but workplace benefits and resources such as Employee Assistance Programs (EAP), wellness programs and virtual care or telemedicine can help support working Canadians wellbeing, including their mental and financial health,” said Julie Gaudry, senior director of Group Insurance at RBC Insurance.
As liquidity and cash flow concerns arise due to financial setbacks from COVID-19, more Canadians are finding ways to cut back on expenses. That includes self-care and methods to support mental health, as working Canadians were most likely to say they adopted free options such as talking to friends and family (46%), getting outside or going for a stroll (46%), and exercising, yoga, or meditation (29%). In contrast, just 3% said they used paid meditation apps, wellness apps, and other pay-to-use options.
The need to use services to support mental well-being may also be heightened as the pandemic continues to take a toll. A recent study by FP Canada found that money is a top source of stress for Canadians. Four tenths (38%) of participants cited it as a stressor, surpassing those that were worried over their personal health (25%), work situation (21%), and relationships (16%).
In its recent survey, RBC Insurance saw a sharp year-on-year increase in the likelihood that working Canadians would use virtual care options. Two thirds (67%) of respondents this year saying they’d use video chat, web, or telephone-based health support to consult with a mental health practitioner, compared to 50% in 2019. Similarly, 60% and 45% of respondents this year and in 2019, respectively, said they’d use video/telephone counselling.
“As the pandemic increasingly impacts working Canadians' mental health, the survey results point to a greater need for insurers to be there for their clients,” Gaudry said.
