Roughly three-quarters (74 per cent) of Canadian employees say it’s important for their employer to offer a retirement savings option, according to the latest mental-health index by Telus Health.
The survey, which polled 3,000 respondents, found 70 per cent reported not knowing or being unsure of how much savings they’ll need to maintain their desired standard of living in retirement. Forty-four per cent said they’re concerned about being able to purchase or rent a home and 30 per cent said they want benefits packages with financial planning solutions.
For the second consecutive month, the mental-health score of workers in Canada declined in September 2023 to 64.4.
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The lowest mental-health (54.9) and financial well-being (50.3) scores were among employees who didn’t know how much retirement savings they’ll need to maintain their desired standard of living. Workers who knew how much they need to save for retirement had the most positive mental-health and financial well-being scores (72.4 and 74.7 respectively).
Nearly a fifth (18 per cent) of respondents said unlimited mental-health coverage is most important in a benefits plan. Employees under age 40 were 2.5-times more likely than workers over age 50 to cite benefits that provide coverage for parents as the most important of the plan.
“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 at Telus Health. “Employers that grasp the undeniable connection between mental and financial well-being 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.”
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