SPECIAL REPORT: TELUS Mental Health Index reveals highest decline in mental health since 2020 due to financial stressors

Report underscores the value of workplace wellbeing tools as financial concerns lower productivity for more than 23 per cent of workers in Canada, in particular parents and younger workers

Dr. Matthew Chow shares three tips to maintain good financial wellbeing during the holidays

TORONTO, Dec. 16, 2024 /CNW/ - Today, TELUS Health released a special TELUS Mental Health Index report revealing an alarming decline in the mental health of workers in Canada. The Index shows mental health challenges intensifying across all sectors and regions, with financial stress significantly impacting productivity for 23 per cent of workers.

"This is the most significant decline in TELUS Mental Health Index scores since April 2020, with financial wellbeing experiencing the most notable downturn," said Paula Allen, Global Leader, Research & Insights, TELUS Health. "Every measured aspect of mental health showed a decline, particularly in the proportion of individuals with emergency savings. As we approach a season of increased spending and social expectations, many are feeling the strain of current economic pressures."

The TELUS Mental Health Index also found:

• The proportion of workers at high mental health risk has reached a new peak, with 37 per cent now in this category, nearly four per cent higher than the annual average in the last four years.
• Mental health scores have dropped to 61.3, marking a significant decline of 3.1 points and nearly two points lower than at the start of the pandemic in April 2020. 
• The financial risk mental health sub-score observed the most significant one-month decline (6.8 points).
• Mental health scores have declined across the country, with the most significant decline being in Saskatchewan (8.1 points).
• Forty per cent of workers frequently feel worried or anxious about their financial situation, with 48 per cent most concerned about the cost of living and 25 per cent about debt.
• Fewer than half (47 per cent) of workers report being in a good financial position, which is nearly 10 per cent lower than last year.
• Younger workers, parents and workers without emergency savings are more likely to perceive money as a source of stress and anxiety.

"Employers can make a meaningful difference by promoting resources like Employee Assistance Programs (EAPs), which offer not only mental health support but also personal financial consultation, legal advice and family care assistance," added Allen. "The financial education sessions provided by EAPs are particularly valuable in these challenging times."

While many workplaces offer EAPs that help support employee wellbeing, including financial wellbeing tools, TELUS Health research reveals that two-in-five workers lack knowledge of what an EAP entails. The mental health score of workers who don't know or report that their employer doesn't offer an EAP is at least three points lower than workers with an EAP. By increasing awareness of EAPs and implementing targeted wellbeing strategies, employers can play a crucial role in supporting their workforce through these challenging times.

"This time of year often brings additional challenges and sensitivities that can deplete our resilience," said Dr. Matthew Chow, Chief Mental Health Officer, TELUS Health. "Many struggle silently, feeling they shouldn't voice their concerns during what's supposed to be a joyful period. It's crucial to remember that these feelings are common – you're not alone. EAPs offer confidential, no-cost support for those who need it."

Dr. Chow shares these three tips for maintaining financial wellbeing during the holidays

1. Set a holiday budget and stick to it: Establish clear spending limits for gifts, entertainment and festivities and track spending.
2. Talk about finances openly: Have honest conversations with family and friends to set realistic expectations.
3. Use available resources: Take advantage of your company's EAP for expert financial advice and support on topics such as budgeting and debt management.

This TELUS Mental Health Index also includes insights related to anxiety and isolation, highlighting the critical importance of human connection and community support. Checking in with others and giving back to our communities can significantly boost mental wellbeing. As a company rooted in social purpose, TELUS Health is committed to improving health outcomes and fostering community connections. Read the full Canadian TELUS Mental Health Index here.

About the TELUS Mental Health Index
The TELUS Mental Health Index is based on a response scoring system that turns individual responses into point values. Higher point values are associated with better mental health and less mental health risk. Scores between 0 to 49 correspond with distress levels, scores between 50 to 79 correspond with strain levels and scores between 80 to 100 correspond with optimal levels of mental health.

The data for the TELUS Health Mental Health Index was collected through an online survey in English and French from October 15 to October 28 with 3,000 respondents. All respondents reside in Canada and were employed within the last six months. The data has been statistically weighted to ensure the regional and gender composition of the sample reflects this population. 

About TELUS Health
TELUS Health is on a mission to become the most trusted wellbeing company in the world by enhancing the overall efficiency of healthcare and championing workplace wellbeing. By integrating advanced healthcare technology with comprehensive employee support services, TELUS Health provides a holistic approach to primary and preventive health and wellbeing for over 76 million people across 160 countries. Our innovative digital health platforms, including electronic medical records (EMRs) and virtual care solutions, empower healthcare professionals, employers and governments to deliver personalized care efficiently. Our employee wellbeing programs empower individuals by offering extensive support through Employee Assistance Programs (EAPs), mental health resources, financial counselling, and workplace wellness initiatives. At TELUS Health, we are committed to revolutionizing healthcare to ensure people receive the support they need and employees thrive both personally and professionally. Together, let's make the future friendly. For more information, visit: www.telushealth.com.

Media Contact:
Lisa Gilbert
TELUS Health 
[email protected]

SOURCE TELUS Health