Nearly one in four Canadians rank money as their top source of stress, nearly twice as much as personal health, work and relationships, FP Canada’s 2022 Financial Stress Index survey found.
It’s no secret that financial stress can take a toll on your mental health — especially at a time when Canada’s inflation rate remains high, layoffs are making headlines and there is talk of a looming recession.
Worrying about money can affect many facets of a person’s life, spanning their sleep quality, relationships and ability to work, said Stacy Yanchuk Oleksy, CEO of Credit Counselling Canada and a professional coach and a certified personal finance educator.“Money and stress go hand-in-hand,” she said.
“Many, many Canadians struggle with this because it’s not something we’re taught. We don’t typically talk about it around the dinner table or in the classroom, but we’re expected at 18 to magically know how to manage our finances — and that’s kind of silly,” she said. Some therapists in Canada also offer sliding scales, meaning a cheaper rate for their services based on a client’s income.
“I find therapy pretty essential for figuring out things in my life and handling stress of work, money, relationships, all the things that you have to deal with,” said Kealey. “I don’t think I could’ve transitioned without that support, without probably burdening someone in my life.” “People really need support. And really can’t afford ... standard therapy’s about $150, oftentimes more, for an hour,” she said.
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