Canadians more stressed now than in first lock—and financial woes play a big role

Nearly half of Canadians (48%) are more stressed now than during the first lockdown in 2020, shows a new study from Angus Reid focusing on financial hardships during the pandemic. And pharmacists are no exception. According to the Perfect Story Survey, released in January 2022 and commissioned by Licensed Insolvency Trustees Bromwich + Smith, 84% of Canadians are worried about cost-of-living and 70% are worried about their physical and mental health. Of those worried about the latter, the majority (79%) are between the ages of 18 and 34. Of the 47% worried about managing debt, more than half (56%) are between 35 and 54. “Burnout, the pandemic, and cost-of-living are creating a perfect storm for Canadians, specifically front-line workers who are overwhelmed and fatigued from the ongoing cycle of stress,” says Laurie Campbell, director of client financial wellness at Bromwich + Smith. Seeing the impact the pandemic has had on people and their families has “tested the emotional wellbeing of frontline staff like never before." “Coupling this with concerns around inadequate support and pay caps has left many in the healthcare industry feeling the effects at work and at home—mentally, physically and financially,” says Campbell. Read: What is the optimal dose of ASA for risk reduction in atherosclerotic CV disease? With pay rules and government benefits varying or changing since the first wave, Campbell says many care providers who call in sick or take time to self-isolate when they present symptoms have done so at the expense of their paycheck. With lower interest rates, she says it’s not surprising that debt management can become secondary, resulting in Canadians carrying more and more debt. But even in seemingly desperate times, Campbell says those facing financial difficulties need to remember there are resources to help. For example, at her firm, an easy-to-use online calculator can quickly assess what’s owed and what you have available to pay it off. “If anyone finds that there’s more month than money or that their debts are mounting and becoming increasingly difficult to manage, get in touch with a federally legislated Licensed Insolvency Trustee who can stop the accumulation of interest and any collection activities so you can conquer your debt and rebuild your worth,” she says. "During these stressful times, it’s important to not make any rash decisions. Go to a professional who can act as a trusted ally in helping you conquer your debt and find relief, so economic stress won’t keep you up at night.” Read: 82% of pharmacists report feeling more stressed than they've ever been

Canadians more stressed now than in first lock—and financial woes play a big role

Register for free access or login.

Related Topics