'With many Canadians losing sleep over common stressors such as finances, this has a cascading effect on lifestyle factors'
Workforce well-being continues to be a priority for Canadian employers, according to a report.
Overall, 77 per cent of employers indicate that their health benefits plan is extremely or very important to their organization overall.
Despite this, Canadians' average well-being score has remained low over the past 18 months, with a score of 49.4 out of 100, finds Dialogue Health Technologies
Ang young Canadians are suffering more compared with other workers.
Less than half (48.6 per cent) of Canadians report that they have high levels of life satisfaction (8 or higher on the 0-to-10 scale, where 0 means “very dissatisfied” and 10 means “very satisfied”), in the first quarter of 2024, according to Statistics Canada (StatCan).
Why are young people more stressed?
Half of Canadians under 35 identify money as a top stressor, according to Dialogue's survey of 12,000 Canadian respondents from Jan. 1 to June 30, 2024.
Financial stress weighs heavily on the minds of younger Canadians, with nearly 3 in 4 (72 per cent) stating that it has had at least one negative impact on their lives.
Overall, Canadians are eager for financial guidance, with:
- retirement planning (73 per cent)
- investing (68 per cent)
- saving (68 per cent) being the most sought-after.
“With many Canadians losing sleep over common stressors such as finances, this has a cascading effect on lifestyle factors which impact mental health, physical health, and overall well-being," says Marc Robin, medical director at Dialogue.
Overall, one in four Canadians say their financial situation has declined in the past year, according to a previous Dialogue report.
In the report titled Health and Wellbeing Report: A Canadian Benchmark, Dialogue notes: “Financial stress can have far-reaching consequences on well-being, contributing to poor sleep and a greater risk of chronic conditions, including high blood pressure and heart disease,”. “This is reflected in Canadians’ Well-Being Scores, where sleep (2.0) and physical activity (2.2) remain the lowest-scoring lifestyle factors.”
Canada loses about 78,000 working days due to lack of sleep, according to the report.
Now, nearly half (46 per cent) of employees believe their workplace should offer an employee assistance program that includes access to financial counselling.
“For organizations ready to invest in better support for their team, consider this. Virtual-first, accessible, and expert financial counselling can support Canadians by equipping them with the knowledge to take control of their finances,” says Dialogue in the report.
“When paired with evidence-based stress management strategies – such as improved sleep, regular exercise, and therapy – employees can gradually reduce their stress and foster lasting well-being.”
Over seven in 10 (71 per cent) Canadians would remain with employers who fully meet mental health needs, according to a previous report.
