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More than a quarter (28 per cent) of employees said finances is the No. 1 source of their stress, more than twice as prevalent as other major stressors including work, personal relationships and life satisfaction.
Two in 10 (23 per cent) workers said their financial situation has negatively impacted their work productivity in the last three months. The average mental-health score of this group (46.1) was nearly 24 points lower than workers who disagreed with the statement (69.7).
Three-fifths (60 per cent) of employees said the cost of living has impacted their financial well-being and the average mental-health score of this group (53.7) is nearly 24 points lower than workers who are able to maintain their financial well-being despite cost-of-living pressures (77.3) and nearly eight points lower than the national average.
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Among workers reporting anxiety about their financial future, cost of living (48 per cent) was the No. 1 driver of this anxiety, followed by debt (25 per cent) and lack of retirement savings (eight per cent).
While more than half (53 per cent) of respondents had some debt and were focused on lowering it, 14 per cent had a large amount of debt and didn’t know what to do or couldn’t afford to pay it. Among respondents in the latter group, the average mental-health score (42.7) was more than 26 points lower than workers without debt (68.8) and nearly 19 points lower than the national average.
“Every measured aspect of mental health showed a decline, particularly in the proportion of individuals with emergency savings,” said Paula Allen, global leader of research and insights at Telus Health, in a press release. “As we approach a season of increased spending and social expectations, many are feeling the strain of current economic pressures.”
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