Manulife has unveiled the results of its latest study, which found that feelings of shame and embarrassment are holding back Canadians from acknowledging and talking about their personal financial woes.
The study, conducted in partnership with Homewood Health, surveyed professional counselors on the matter, who also revealed that these emotional barriers usually have a negative impact on consumers’ health.
Almost half (46%) of the counsellors surveyed said that it is difficult for people to reveal money issues due to the social stigma associated with them.
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Counselors also observed that while roughly half their clients are experiencing issues wherein their financial problems are an underlying element, only a third have realized this connection.
Ninety-three per cent (93%) of counselors surveyed said that financial stress affects both work and productivity.
“The stigma, shame and embarrassment of being financially unwell often prevents people from taking action to address and overcome these issues,” said Manulife Group Benefits & Retirement Solutions executive vice-president and general manager Sue Reibel. “We believe that the industry as a whole has a bigger role to play in helping remove these stigmas. Only once an individual is comfortable discussing their own money problems, can they begin to take steps to address them.”
“Our industry can help remove these stigmas by encouraging those going through financial challenges to discuss these problems more openly, and to take advantage of free and accessible tools that help alleviate financial distress, which can lead to anxiety, depression and stress,” added Reibel.
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