Have you ever thought about how interconnected your mental and financial health is? There is a strong link between them:
- Stress from financial challenges can have a negative impact on your mental health.
- And poor mental health can make it hard to take care of your finances or loss of income, if you can’t work.
It’s a vicious cycle. And the pandemic is making it worse. Before COVID-19, 39% of Canadians said their personal finances was the biggest source of stress. Since the start of the pandemic, that number rose to 51%.1 And 60% of Canadians report that the pandemic is negatively affecting their overall mental health.2
The pandemic brought many disruptions into our lives, including:
- constant change,
- competing priorities, and
- increased financial debt.
But what can you do about it? Here are some ideas to help.
How can you take care of your mental wellness through disruptions?
In under 15 minutes, watch to learn how to:
- prioritize your self-care,
- track your financial needs,
- reach out for the support you need, and
- make use of the tools and resources available to take care of your mental and financial health.
How can employers support employees’ mental and financial health?
Mental health issues and financial stress can lead to absenteeism and presenteeism3 from work. So it’s important that employers support their employees’ mental and financial health by:
- creating a safe, supportive environment,
- fostering positive dialogue, and
- providing access to helpful tools and resources.
Supporting employees’ overall well-being is essential to creating healthy, productive workplaces.
Get help with your finances
It can be difficult to stay on track of your finances, especially if you’re dealing with your mental health. Luckily, you don’t have to deal with it alone. You can work with an advisor, who can help you:
- review your current financial situation,
- make well-informed financial decisions,
- make a plan that meets your short- and long-term goals,
- revise your plan as your needs change and
- feel assured in times of uncertainty and disruption.
Most advisors now offer to meet with Clients virtually by video chat. Find an advisor today.
1 Sanofi, The Sanofi Canada Healthcare Survey, 2020.
2 Lumino Health, Ipsos poll, 2021.
This article and video is meant to only provide general information. Sun Life Assurance Company of Canada does not provide legal, accounting, taxation, or other professional advice. Please seek advice from a qualified professional, including a thorough examination of your specific legal, accounting and tax situation.