Inflation and financial stress is taking a serious toll on Canadians’ mental health says a new RBC study – and it’s affecting every generation.
A staggering 72% of Canadians report that money worries are constantly on their minds. This stress cuts across generations – Boomers (48%), Gen X (68%), Millennials (72%), and Gen Z (73%) are all grappling with living paycheck to paycheck. It’s clear that financial strain isn’t limited to just one age group; it’s a widespread concern affecting everyone from our most experienced site supervisors to the newest recruits.
Forty per cent of Canadians and an even greater number of millennials (53 per cent), Gen Z (48 per cent) and Gen X (43 per cent) are stayng up at night worrying about money.
And it’s hurting relationships: Millennials (59 per cent), Gen Z (53 per cent) and Gen X (47 per cent) are reporting a “significant” amount of stress in their relationships.
While construction wages continue to increase – our companies report 6% raises this year, after 5.4% hikes in 2022 – growing tax burdens, skyrocketing interest rates, and reduced buying power continue to worry people. And who can blame us?
Each week, ICBA’s Jordan Bateman reflects on what we’ve learned as we participate in ICBA’s Workplace Wellness Program. ICBA’s Workplace Wellness Program is helping more than 100 companies and more than 10,000 construction professionals better understand mental health. This program is free for all ICBA members – check out icba.ca/wellness for details.