TORONTO, Oct. 26, 2023 (GLOBE NEWSWIRE) -- TELUS Health today released a special report on Financial Wellbeing as part of its TELUS Mental Health Index, revealing that nearly one-third (30 per cent) of workers want benefits packages with financial planning solutions. The Index also found that 44 per cent said they are concerned about being able to purchase or rent a home.
“The current economic landscape has workers concerned about their financial futures and looking for advice on how to navigate a path forward,” said Juggy Sihota, Chief Growth Officer, TELUS Health. “Employers who grasp the undeniable connection between mental and financial wellbeing have a unique opportunity to offer all-encompassing and impactful support. By providing access to comprehensive benefits plans, tools and resources, employers empower their employees to forge a financially secure tomorrow for themselves and their loved ones.”
Seventy per cent reported not knowing or being unsure of how much savings they will need to maintain their desired standard of living once they stop working.
- The most concerning mental health (54.9) and financial wellbeing (50.3) scores are among workers who do not know how much retirement savings they will need to maintain their desired standard of living.
- Workers who know how much they need to save for retirement have the most positive mental health and financial wellbeing scores (72.4 and 74.7 respectively).
Three-quarters (74 per cent) said it is important for their employer to offer a retirement savings option.
- Nearly one-fifth (18 per cent) of workers said unlimited mental health coverage is most important in a benefits plan.
- Workers under 40 are two and a half times more likely than workers over 50 to consider benefits that provide coverage for parents the most important.
“From the responsibilities of caring for children, aging parents and loved ones, to the aspirations of homeownership and retirement, preparing for the future can impose significant stress for people, both mentally and financially. Without a clear roadmap, the journey can often feel overwhelming,” said Paula Allen, Global Leader, Research & Client Insights, TELUS Health. “We consistently see a striking correlation between the absence of emergency savings and lower mental health scores indicating the vital importance of equipping individuals with resources to help plan ahead.”
For the second consecutive month, the mental health score of workers in Canada declined in September 2023 to 64.4.
The September TELUS Mental Health Index also includes important findings related to spending on basic needs, savings and gig workers. Read the full Canadian TELUS Mental Health Index report findings here.
About the TELUS Mental Health Index
The survey by TELUS Health was conducted through an online survey in English and French from August 4 and August 18, 2023 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.
The TELUS Mental Health Index is based on a response scoring system that then 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.
About TELUS Health
TELUS Health is a global healthcare leader serving people in more than 160 countries delivering both digital innovation and clinical services to improve total physical, mental and financial health and wellness across the full spectrum of primary and preventive care. By leveraging the power of technology to deliver connected solutions and services both in-person and virtually, TELUS Health is improving access to care and revolutionizing the flow of information while facilitating collaboration, efficiency, and productivity for physicians, pharmacists, health authorities, allied healthcare professionals, insurers, employers and people globally, progressing its vision of transforming healthcare and empowering people to live healthier lives.
Our clinical team is composed of renowned and passionate health professionals around the world delivering best-in-class people-centric care to hundreds of thousands of employers, professionals and their families.
For more information, please visit: www.telushealth.com.
Media contact:
Marielle Hossack
TELUS Media Relations
marielle.hossack@telus.com
