Canada
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A new study finds almost half of Canadian workers overwhelmed by debt

Sun Life says drug claims to treat mental health disorders such as depression jumped 24% in those under 30 during the pandemic.
A reader is struggling with anxiety at work. Photo by file photo /Getty Images

A new study by TELUS Health revealed a Mental Health Index showing 26% of Canadian workers are unsure if they will be financially comfortable in the future.

The report found 45% of individuals have felt overwhelmed by debt and that 61% of workers in Canada feeling that way have not reached out for financial advice with 21% citing feeling embarrassed.

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And of those who have reached out, only 4% have done so through their employee and family assistance program (EFAP).

Another 40% of workers in Canada said automatic savings/investment plans offered by their employer would be valuable, while 13% and 12%, respectively, valued personal financial advice and an emergency fund from their employer.

Thirty-six per cent of individuals would leave their employer for another if they offered a guaranteed income pension plan.

“Working Canadians are feeling the rising cost of living and are increasingly worried about their financial future, especially when it comes to repaying debt and saving for retirement,” TELUS Health Chief Growth Officer Juggy Sihota said in a statement.

“Through this period of uncertainty, workers are looking to be supported in ways they may not have been in the past. It’s important for employers to be aware of this shift, and make adjustments that allow them to attract and retain talented workers. Employers can adapt by making financial savings and investment plans available, as well as consultation services to help educate and empower their employees.”

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The report found the Mental Health Index score for February 2023 was 62.9 points out of 100, down almost two points from January 2023, which is the largest decline in a single month since April 2020.

The survey also found The Financial Wellbeing Index score for February 2023 was 61.3 points out of 100, a more than two-point decline from July 2022.

The TELUS Health survey was conducted online in English and French from Feb. 10-28 with 3,000 Canadian residents who were employed within the last six months.