Canadians stressed about economy, finances

The instability in today’s economy is contributing to high stress levels in Canadians. A majority (90%) of 18 to 24-year-olds, and 72% of older adults are feeling overwhelmed, finds a Sun Life survey.

Read: How to answer 5 tough economic questions Finances and work are also sources of anxiety, as well as personal relationships and health issues.

The survey also found 30% of Canadians are underemployed, and unable to make full use of their skills and abilities. Unemployment is highest amongst young Canadians.

Read: Leave stress at work

“It’s more difficult for young Canadians to find permanent, full-time jobs that suit their skills and areas of study,” says Louis Theriault, director, health economics at the Conference Board of Canada. “Recent job creation has been dominated by part-time work, which is becoming a trend in Canada.”

Drivers of stress such as socio-economic factors, financial security and unemployment have a significant impact on the emotional and physical health of Canadians. Three-quarters of Canadians working full-time rate their emotional health as very good or excellent, compared to only two-thirds of part-time workers, and just over half of those unemployed (56%).

Read: Use these free tools to educate clients

“Positive elements that are attributed to having a full-time job do help keep illnesses at bay, and Canadians optimistic while maintaining a healthy lifestyle,” says Dr. Ian Arnold, recently retired Chair of the Workforce Advisory Committee for the Mental Health Commission of Canada.

Additional findings include:

• 80% believe employers should play a role in helping to manage stress;
• 46% of unemployed Canadians don’t have the support they need to manage stress; and among those, 37% are 18 to 24-year-olds.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.