Why are over 60% of Canadians experiencing financial stress?
Unsurprisingly, mental health, financial wellbeing, and mental health in the workplace are inextricably intertwined. Recent studies have shown that individuals’ mental health, financial wellbeing, and mental health in the workplace scores usually trend in similar directions. As their financial wellbeing score drops, so does their mental health and mental health in the workplace. Given the recent ebbs and flows of the job market, and the rising cost of living, it’s not surprising that over 60% of Canadians are under financial stress. Consequently, a majority of employees are forced to spend time during their workday thinking about their financial situation, which can have a detrimental impact on their mental health in the workplace.
What is the impact of financial burdens on worker productivity?
As the line between home and work life blurs, with remote or hybrid work arrangements and the prevalence of the over-40-hour work week, employees must deal with personal financial matters at work with increasing frequency – add to this the fact that most financial institutions only service customers between 9AM and 5PM. As a result, employers lose tens of billions of dollars annually in worker productivity, because of the increased financial burdens individuals and their families are facing.
Employees are now looking for employers who are doing what is within their power to support workers’ financial stability. And this does not stop at competitive compensation, although that is certainly one of if not the most important factor. Employees also appreciate employer-sponsored savings plans, financial planning advice services and discounts on company products: essentially, products that can help workers save in the short term and in the long term.
Create policies that improve mental health in the workplace
Whether you are an employee facing increased anxiety at work, or an employer seeking to create policies that will improve employees’ mental health, we can advise you on how best to safeguard your interests in these unpredictable times. If you are looking for employment lawyers and would like more information about what Whitten & Lublin can do for you, please contact us online or by phone at (647) 946-1278 today.
Author – Carson Healey