Inflation and other financial stressors are causing employees to report worsening mental health, which inevitably can spill over into work, causing lost productivity. Dialogue, a telemedicine firm owned by Sun Life, says part of the solution is a focus on employee’s financial health and total well-being.
They say one in four of those surveyed by Environics Research in February 2024 said their financial situation had declined in the past year; 37 per cent said financial constraints were a barrier to health priorities. “This highlights the need for employer intervention,” the firm states in its recent report, Canadians’ growing focus on financial well-being.
Reevaluating employee benefits
“By reevaluating their employee benefits offerings, employers can aim to better support the physical and mental health of employees and their families, thereby alleviating the financial burden of seeking healthcare.”
Of the 1,602 Canadians surveyed, 47 per cent said their financial situation was a lifestyle factor impacting their mental health; 27 per cent said their productivity in turn has declined due to their mental health.
Accessing mental health care
“A staggering 43 per cent of Canadians lack the financial means to access professional mental health care,” the report states. “Organizations have the power to provide resources for immediate and long-term support.”
And although 62 per cent of the 86 human resources professionals surveyed say their organizations offer financial counselling services, most employees perceive them as inadequate, if they are aware of the programs at all. “Only 24 per cent feel satisfied with what their benefits plan currently offers for their financial planning needs,” they write. The paper concludes, saying “for team members to thrive mentally and physically, a focus on financial well-being is non-negotiable.”
