Many Canadians report being “financially unwell,” and this can have a direct impact on an individual’s health, according to a new report from Manulife Financial.
According to a survey, two in five Canadians report having issues affecting their overall financial wellness, such as those relating to debt, investing, budgeting and retirement planning, and for most of them, this is the top source of stress in their lives.
“Looking at people’s wellness has traditionally included physical aspects, and in recent years, has focused more on emotional health,” said Manulife executive vice-president of institutional markets Sue Reibel.
“Our findings show that the role of financial wellness, whether good or bad, affects overall wellbeing and is an important contributor to helping Canadians reach positive emotional health.”
Those with money issues are five times more likely to avoid healthy activity. The study found that those who are financially well are much more likely to report having good or excellent overall health and are more likely to eat more fruits and vegetables, exercise, get regular checkups and educate themselves on health issues than those who report being financially unwell.
Financial worries can spill over into a person’s work. This stress often leads to absenteeism and decreased productivity at work, according to the report. According to the survey, workers who have good employment benefits report having better overall financial wellness and have less stress.
@EmmaHampelBIV
