It’s a tough cycle to break: the economy sucks, so we stay home more to save money, but that negatively affects our mental health…
This week, MNP put out a study, featured in the Financial Post, that called this troubling trend, ‘inflation isolation’. Half of the Canadians surveyed are staying home more to save money, and a third are cutting back on socializing. This is hitting younger folks and those earning under $40,000 especially hard.
Mental health is taking a hit too. About 20% of the respondents feel socially isolated, and 19% are experiencing loneliness. The pressure from escalating costs and growing debts is causing widespread anxiety and stress.
Nearly half of people fear they won’t be able to handle living costs in the next year without sinking deeper into debt. Even people earning over $100,000 aren’t immune, with many living paycheque to paycheque.
Inflation isolation sucks. Financial stress doesn’t just affect our bank accounts but also our wellbeing and connections with others. Keep an eye on your friends, loved ones, and yourselves.
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.