Canadians report declining mental health, with many provinces seeing monthly declines.
Inflation is one of the main culprits, according to a Telus Health study.
“We live in a consumer culture, so when you can’t compete with your neighbors or get what your friends have, it can make you feel low about yourself,” says Regina Living. Sky Counseling and Consulting therapist Sidney McGillicky said, “Self-esteem can decline if you are unable to maintain or provide your previous standard of living.”
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In January 2023, the country’s mental health score was 64.8 out of 100, while Saskatchewan scored slightly higher at 66.1, according to the survey.
“In terms of our emotional and mental health, finances are a common stressor that can cause, reinforce, and create anxiety,” McGillikie said.
He pointed out that people are prioritizing essentials and starting to negotiate new budgets to suit their lifestyles.
“It’s very important not to create undue stress with this kind of financial hardship.”
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According to a Telus Health survey, one in five Canadians has cut back on health-related expenses such as prescription drugs and gym memberships because of inflation.
This is three times more likely for those without emergency savings.
Financial adviser Samuel Lichtmann said he sees people struggling more than ever with the cost of living.
“One of the most common questions I get is, ‘What do I need to do to cut costs?’ and ‘How can I watch my spending?'” Lichtman says. says Mr.
He said now is the time to make difficult decisions.
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“People need to audit their spending. You can’t control what you can’t track.”
Using cash instead of credit cards is one way consumers tangibly see money leaving their possessions rather than one-tap transactions.
“Paying attention to what you spend and how you manage your money goes a long way,” Lichtmann said.
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