Telus Health survey highlights concerns of employees about their financial futures
Working Canadians are worried about their financial future, and it’s stressing them out.
To help navigate the choppy waters of the current economic situation, 30% of workers want benefits packages with financial planning solutions according to the latest Telus Mental Health Index, released this week.
Retirement planning is the biggest long term financial concern with 70% not knowing or unsure of the savings they will need to maintain their current standard of living when they stop working. Those in this cohort have more concerning mental health (54.9) and financial wellbeing (50.3) scores on the index, while those who have a clear idea of their retirement savings goals have the most positive scores (72.4 and 74.7 respectively).
“The current economic landscape has workers concerned about their financial futures and looking for advice on how to navigate a path forward,” said Juggy Sihota, Chief Growth Officer, TELUS Health. “Employers who grasp the undeniable connection between mental and financial wellbeing have a unique opportunity to offer all-encompassing and impactful support. By providing access to comprehensive benefits plans, tools and resources, employers empower their employees to forge a financially secure tomorrow for themselves and their loved ones.”
Three quarters of respondents said it’s important for employers to provide a retirement savings plan, far above the 18% who cited mental health coverage, while those under 40 are most likely to value benefits with coverage for parents.
“From the responsibilities of caring for children, aging parents and loved ones, to the aspirations of homeownership and retirement, preparing for the future can impose significant stress for people, both mentally and financially. Without a clear roadmap, the journey can often feel overwhelming,” said Paula Allen, global leader, Research & Client Insights, TELUS Health. “We consistently see a striking correlation between the absence of emergency savings and lower mental health scores indicating the vital importance of equipping individuals with resources to help plan ahead.”
The Index also found that 44% of poll participants said they are concerned about being able to purchase or rent a home, a sentiment reflected in other recent surveys.
