October Health – 2025 Report

Financial Wellness in Canada

The leading cause of financial wellness stress in Canada is typically attributed to high levels of debt, particularly related to mortgages, credit cards, and student loans. Rising living costs and inflation also contribute significantly, impacting Canadians' ability to save and manage their day-to-day expenses effectively. This financial strain can lead to increased anxiety and stress in the workplace. Organizations can support their employees by providing access to financial wellness programs, such as those offered through October, which can help staff navigate these challenges and improve overall mental health.

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Financial Wellness Prevalence
28.82%
Affected people
15,851,000

Impact on the people of Canada

Effects of Financial Wellness Stress on Health and Personal Lives

  1. Mental Health Issues
  • Increased anxiety and depression
  • Higher levels of stress and mood swings
  1. Physical Health Problems
  • Sleep disturbances
  • Increased risk of cardiovascular issues
  1. Workplace Performance
  • Decreased productivity
  • Higher absenteeism and presenteeism
  1. Relationship Strain
  • Conflicts with partners or family members
  • Increased isolation and withdrawal from social activities
  1. Decision-Making Difficulties
  • Poor financial choices
  • Hesitation in taking necessary risks

To support employees experiencing financial wellness stress, companies like October can provide digital group sessions to foster discussions and coping strategies.

Impact on the Canada Economy

Effects of High Financial Wellness Stress on an Economy

  1. Decreased Productivity: Employees stressed about finances may have lower focus and engagement at work, leading to reduced productivity levels across sectors.

  2. Increased Healthcare Costs: Financial stress often correlates with mental health issues, increasing healthcare costs for employers and the healthcare system.

  3. Higher Turnover Rates: Financially stressed employees may seek jobs with better compensation or benefits, leading to higher turnover rates and recruitment costs.

  4. Consumer Spending Decline: Individuals under financial stress may cut back on spending, affecting businesses and the overall economy.

  5. Increase in Debt Levels: As employees struggle with financial stress, they may rely more on credit, leading to increased personal debt and potential defaults, which can strain financial institutions.

  6. Economic Inequality: Persistent financial wellness stress can exacerbate economic inequality, as lower-income individuals may face greater challenges in financial stability.

Promoting financial wellness programs and support in the workplace can help mitigate these effects. Consider platforms like October for employee support in financial and mental health areas.

What can government do to assist?

Strategies to Lower Financial Wellness Stress

  1. Financial Education Programs: Implement nationwide financial literacy programs in schools and workplaces to educate citizens about budgeting, saving, and investment.

  2. Accessible Financial Resources: Provide access to free or low-cost financial counseling services, helping individuals manage debts and make informed financial decisions.

  3. Emergency Savings Initiatives: Encourage the establishment of emergency savings accounts through incentives, such as tax benefits or employer contributions.

  4. Mental Health Support: Introduce workplace programs that focus on financial wellness as part of mental health initiatives, including digital group sessions through services like October.

  5. Legislation for Fair Wages: Enforce policies that ensure fair wages and benefits to support low-income individuals and reduce financial strain.

  6. Debt Management Solutions: Create public programs that offer consolidation and support for managing student loans and credit card debt, easing financial burdens.

What can businesses do to assist their employees?

  1. Offer Financial Education Programs: Provide workshops and resources on budgeting, saving, and investing to enhance employees' financial literacy.

  2. Implement Employee Assistance Programs (EAPs): Include financial counseling services in EAPs to help employees navigate financial challenges.

  3. Provide Flexible Spending Accounts: Allow employees to set aside pre-tax income for medical and other expenses, reducing out-of-pocket costs.

  4. Introduce Competitive Compensation Packages: Ensure that salaries and benefits are competitive to alleviate concerns about financial stability.

  5. Facilitate Access to Financial Tools: Collaborate with platforms like October to offer digital resources and assessments focused on financial wellness.