Survey says: Canadians are stressed and depressed!

BY JANIECE CAMPBELL

Mental, physical, and financial wellness are three pillars of good health. But for many Canadians, money being a primary source of worry tends to impact the other two.

According to a new national survey by Credit Counselling Canada, the struggles that Canadians are facing surrounding mental and financial health are rising at astronomical rates. Elevated by the current state of the world, negative experiences with housing, income, employment, education driven by eighteen months of lockdowns and restrictions causing anxiety and stress are all to blame.

The Social Determinants of Mental Health, the online survey of 1,510 Canadians, was conducted on behalf of Credit Counselling Canada, the leading national association of non-profit credit counselling service agencies across the country.

The study discovered that four in ten Canadians have disclosed that their mental health has ultimately worsened as a direct result of their financial situation since the beginning of the pandemic. Additionally, the study revealed that 38% of Canadian parents are concerned about the impact the family’s financial situation has on their child’s mental health, while 73% have been taking action to shield their children from any financial or mental stresses due to the pandemic.

“Mental, physical and financial health are all interconnected,” says Stacy Yanchuk Oleksy, the interim CEO of Credit Counselling Canada. “It is beyond clear that we are living in the financial effects of the pandemic, which is a threat to the overall wellbeing of Canadians.”

Other statistics that stood out regarding housing, income, jobs, and mental health include:

• 32% said their mental health has been negatively impacted by job insecurity, with factors such as reduced hours/pay, layoffs and a lack of new opportunities
• 44% feel their mental health has been negatively impacted by trying to keep up with household expenses. This includes essentials like transportation, food, utility bills, phone bills, insurance and clothing
• One third of Canadians indicated their mental health has been negatively impacted by trying to keep up with consumer debt payments such as credit card(s), auto loan(s) and medical payments
• One quarter said that their mental health has been negatively impacted by housing insecurity in reference to the inability to secure housing or pay rent/mortgage
• Finally, 36% of young adults between the ages of 18-34 revealed their mental health has been negatively impacted by financial pressure with post-secondary education costs like paying tuition, books, residence, student loans, etc

Lack of sleep, anxiety, depression, low self-esteem, paranoia, and hopelessness are common symptoms of poor financial health, signs that also reign true to poor mental health. The relationship between one’s financial and mental health is a close one, and there is still a lack of public knowledge about how the state of one’s finances can negatively affect not only their mental health but their overall wellbeing.

“Rising costs of living, housing and consumer debt can create a perfect storm that impedes a person’s financial and mental wellbeing,” said Yanchuk Oleksy. “While people are feeling overwhelmed due to their financial situation, there are tools available to lead them back into a solid position to manage life’s hurdles. Non-profit credit counsellors serve as an imperative first step towards one’s financial and mental wellbeing.”

In any given week, even prior to the pandemic, at least 500,000 employed Canadians are unable to work due to mental health issues. According to the Centre for Addiction and Mental Health (CAMH), the economic burden of mental illness in Canada is estimated at approximately $51 billion per year. This includes health care costs, lost productivity, and reductions in health-related quality of life.

“For many Canadians, mental health has been tied to financial concerns and that was before the pandemic. COVID-19 has made a bad situation worse, with so much financial uncertainty for so many. The pandemic response must continue to include support for mental health care and research,” says CAMH psychiatrist, Dr. David Gratzer.

Whether you are struggling with mental or financial health, it is important to know when to ask for help. Although talking to a professional may seem intimidating, it doesn’t have to be. There is no shame in asking for help when it comes to your finances, just like there is no shame in asking for help with your mental health. There are great resources like credit counsellors and financial planners who work with people in similar situations every day.

For more information, visit www.creditcounsellingcanada.ca