Financial Wellness in Canada

Impact of high financial wellness stress on health and personal life

• Physical health: chronic stress can cause headaches, muscle tension, digestive issues, fatigue; may raise blood pressure and cardiovascular risk over time.
• Mental health: higher anxiety, worry, irritability; increased risk of mood symptoms or depression; more rumination and cognitive load.
• Sleep and energy: trouble falling or staying asleep; daytime fatigue and reduced concentration.
• Relationships: greater tension with partners or family; social withdrawal or conflicts over money.
• Work and productivity: impaired focus, burnout risk, more sick days or presenteeism.

What helps (for individuals)

• Build a practical budget and seek financial counselling or debt-management support.
• Practice stress management and sleep hygiene; short daily routines (breathing, grounding, wind-down rituals).
• Lean on social support; communicate openly with trusted people; consider couples or family conversations if relevant.
• Use workplace supports; explore your employer’s financial wellness benefits and mental health resources (e.g., October-led digital group sessions and assessments if offered).

Canada resources

• Wellness Together Canada: free mental health and financial stress resources.
• Financial counselling services: non-profit agencies and credit counselling societies for budgeting and debt relief.
• 211 (Canada): find local community resources and support services.

October note

• If your employer offers October, consider joining digital group sessions or using assessments focused on stress and mental health to complement financial planning.

Impact of Financial Wellness Stress on an Economy

• Macroeconomic demand: Reduced consumer spending and slower GDP growth due to lower household purchasing power and confidence.
• Labor productivity: Increased absenteeism and presenteeism, leading to lower output per hour.
• Labor market dynamics: Higher turnover, recruitment and training costs, and potential skill gaps in essential roles.
• Financial sector risk: Elevated household debt distress raising loan defaults and tightening credit conditions.
• Social costs: Greater mental health burden, higher healthcare and social service costs, and longer-term productivity losses.

Mitigation for organizations

• Implement workplace financial wellness programs and accessible mental health support; consider October’s digital group sessions to help employees manage financial stress and build resilience.

National strategies to reduce Financial Wellness stress (Canada)

• Affordable housing and rental protections: increase housing supply, cap or limit rent increases, and expand subsidies to keep housing affordable for low- and middle-income households.

• Strengthen income security and wages: raise and index minimum wage, expand child benefits, enhance unemployment and sick leave benefits, and provide targeted cash transfers to the most financially stressed groups.

• Expand access to affordable healthcare and essentials: push for pharmacare, broaden dental and vision coverage, and reduce out-of-pocket costs for medications and care.

• Financial literacy and fair credit access: implement a national financial literacy program, provide easy-to-use budgeting and debt-management tools, regulate predatory lending, and ensure fair credit reporting and access to affordable credit options.

• Mental health resources and workplace support: fund and promote digital mental health platforms (e.g., October) for group sessions, assessments, and educational content; encourage employers to offer financial-wellness and mental-health benefits; regularly monitor and report on financial-stress indicators to guide policy.

• Confidential financial wellness program

  • Offer budgeting, debt management, savings planning, and financial education through workshops and digital content. Consider using October for scalable digital group sessions, assessments, and related content to support this.

• Confidential financial coaching and EAP

  • Provide one-on-one financial coaching or credit counseling via an Employee Assistance Program, with flexible scheduling and guaranteed confidentiality.

• Compensation clarity and practical supports

  • Improve transparency about pay bands, offer on-demand pay or wage advances, and provide emergency savings options or employer-mud-supported retirement planning resources.

• Education, resources, and time

  • Run regular, bilingual (English/French) sessions on budgeting, tax planning, and debt management; allow paid time for financial planning or counseling.

• Manager training and workplace culture

  • Train managers to recognize financial stress, respond with empathy, and refer employees to available resources; emphasize privacy and reduce stigma; monitor outcomes and iterate.