Manulife announced the results of its latest study on health and wealth, this year finding that feelings of shame and embarrassment often impede Canadians from acknowledging their personal financial struggles. According to professional Counsellors surveyed in this study, conducted in partnership with Homewood Health Inc., these emotional barriers often have a negative impact on the health of Canadians.
The study shows that these feelings can lead to a perpetual cycle of mental and physical health problems, reducing both quality of life and productivity at work. The professional Counsellors responded that many Canadians are unable to talk about their own financial challenges because of their intimate nature, with one stating “It’s very personal, sometimes more personal than sex. When I ask clients if they want to talk about money they are not very open.”
“The stigma, shame and embarrassment of being financially unwell often prevents people from taking action to address and overcome these issues,” said Sue Reibel, Executive Vice President & General Manager, Group Benefits & Retirement Solutions at Manulife. “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.”