Young Canadians are more likely to stress about money

An online poll conducted by Sun Life financial has found that young adults are more likely to stress about money than anyone else as they struggle to find decent employment. The Sun Life Canadian Health Index survey compiled by Ipsos Reid looked at attitudes toward healthy lifestyles. It intended to show the impact the global financial crisis has had on the mental health of Canadians.  The survey found that nine out of ten respondents aged 18 to 24 experience “uncomfortable” levels of stress, with money and work being two of the largest factors. The survey received 3,113 responses from Canadians across the country.

Those in the next age brackets aren’t better off, with 80 percent of respondents between 25 and 44 indicating they are also stressed from jobs and financial concerns. The poll indicates that younger Canadians are feeling financially stressed to greater extents than those of the Baby Boomer generation.

The survey notes that the unemployment rate for those under 25 sits at 15 percent which is double the national average. Conference Board of Canada health economics director Louis Theriault said the country’s youngest adults are struggling. “It’s more difficult for young Canadians to find permanent full-time jobs that suit their skills and areas of study. Recent job creation has been dominated by part time work – which is becoming a trend in Canada,” Theriault said in a release. “This impacts younger workers in particular and contributes to their higher stress levels.”

Finding suitable employment after graduation is the main goal of nearly every university student; however, it is easier said then done in this economy.  Added to the employment uncertainty facing youth is the tremendous weight of student debt that is persistently haunting for a majority of graduates. “We’re concerned to see the impact of economic instability on young Canadians with nine in 10 feeling excessively stressed,” said Kevin Dougherty, President of Sun Life Financial Canada. “This finding is consistent with what we are seeing in our disability claims business – for Canadians age 30 and under 40, per cent of their long term disability claims relate to mental health.”

by Hanna Petersen

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