Workers’ mental health worst since pandemic: Telus study

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The mental health of Canadian workers hasn’t been this bad since the darkest days of the pandemic and financial worries are driving the decline, finds a new study by Telus Health out today.

The Telus mental health index plummeted to an historic low in October as its financial risk score took its largest single-month dive ever.

“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, leader of Telus Health’s research.

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“As we approach a season of increased spending and social expectations, many are feeling the strain of current economic pressures.”

The study held in mid-October surveyed 3,000 residents in Canada who were employed within the past six months.

The share of workers at high mental health risk hit a new high of 37 per cent, nearly four per cent higher than the index’s annual average in the last four years.

Mental health scores dropped to 61.3, almost two points lower than the start of the pandemic in April 2020.

The biggest decline was seen in the financial risk score which dropped 6.8 points. Forty per cent of workers said they frequently feel anxious about their financial situation and 28 per cent identify personal finances as their primary source of stress, making it twice as prevalent as other stressors such as work, health, personal relationships and life satisfaction, the study said.

The anxiety is also affecting their work, with almost a quarter of those polled saying their financial situation has negatively affected their productivity in the past quarter.

In October, the work productivity score on the index plunged 5.4 points to the lowest since the launch of the index in April 2020.

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Mental health scores vary across provinces with the biggest decline in Saskatchewan which dropped more than 8 points. The Maritimes has the lowest mental health score, and Manitoba, the highest.

“This time of year often brings additional challenges and sensitivities that can deplete our resilience,” said Dr. Matthew Chow, the chief mental health officer for Telus Health.

His tips for financial well-being this holiday season are set a holiday budget and stick to it; talk about your finances openly and use resources such as Employee Assistance Programs to get expert financial advice.

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What do equity markets say about the economy? Quite a bit, according to these two charts from Robert Kavcic, senior economist for BMO Capital Markets.

The fact that both the TSX and S&P 500 are headed for 20 per cent gains this year is a positive sign for both the U.S. and Canadian economy in the year ahead, he said.

As far back as 1990, the U.S. economy has never grown less than 2.5 per cent in a year following such a gain in the S&P 500, except for the pandemic year. Similarly, the Canadian economy has never grown less than 2.5 per cent following a 20-per-cent gain in the TSX.

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“The latter is all the more encouraging after Canada has been grinding out sub-potential growth for a prolonged period, and positive views on the Canadian economy are still hard to come by,” wrote Kavcic in a note.

• Finance Minister Chrystia Freeland will present the federal government’s fall economic statement today
• The Canadian Real Estate Association will release its home sales figures for November
• Bank of Canada governor Tiff Macklem will give a speech to the Greater Vancouver Board of Trade today. Last week the central bank cut its key interest rate by 50 basis points to 3.25 per cent.
• Today’s Data: Canada housing starts, U.S. empire manufacturing and S&P Global U.S. PMI

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Today’s Posthaste was written by Pamela Heaven, with additional reporting from Financial Post staff, The Canadian Press and Bloomberg.

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