Multiple studies have highlighted the devastating impact of financial problems
Millions of Canadians battling with the impact of inflation on their household finances will also be facing mental health issues.
With World Mental Health Day highlighting the plight of sufferers, multiple studies show how not having control of finances is consistently cited as a key factor.
A new GreenShield Cares Women's Mental Health Report, released in partnership with Mental Health Research Canada, reveals that 71% of women say that the cost of living is affecting their mental health with those from racialized and marginalized groups more likely to say this.
The issue is exacerbated by financial barriers to the cost of mental health care with women who needed help but didn’t access it twice as likely as men to cite financial barriers (42% vs 21%).
"From relying on savings or credit to pay for essential living costs to borrowing money from friends and family, these new findings paint the picture that women are disproportionately impacted by our current economic conditions,” said Harriet Ekperigin, VP of Mental Health at GreenShield. “Layer in the unique experiences of women from racialized and marginalized communities, it's no surprise that these everyday stressors continue to affect their mental health."
GreenShield Care’s Women’s Mental Health Program offers free national, culturally safe therapy and mental health services to Canadians 18+ who identify as women.
Workers struggling
Another recent study from the National Payroll Institute found a 20% year-over-year jump in the share of workers whose situations classify them as ‘financially stressed’ taking the overall total to 37%.
The Institute’s president, Peter Tzanetakis, says urgent action is needed to help working Canadians with the pressures of the current economic situation.
"Hoping that it will somehow pass or ignoring how it is affecting you – or, for employers, your business’ bottom line – is not a solution and could even make the situation worse,” said Tzanetakis. “On the contrary, immediate action is needed, including making some difficult choices with regard to financial habits, to weather what is still ahead.”
Earlier this year, a financial planner and wealth specialist told Wealth Professional that advisors also have a key role to play.
“As an industry, we want to come from a place of care,” she said. “We like to spread the message that working with a certified financial planner or a qualified financial associate financial planner is in Canadians’ best interest. We need to let them know they’re not alone. We’re here to help and figure out what roadmap we can draw to get them from point A to point B. We’re here to reduce their financial stress.”
