Assumptions Causing Financial Anxiety

Four in 10 Canadians believe those who earn the same income as they do are somehow doing better overall financially since COVID-19 began, says Jeff Leger, president at Shoppers Drug Mart. And this is causing financial anxiety in those individuals. However, employers can help relieve these anxieties. Talking to employees to help them understand the source of their financial insecurities to assist them to find the right resources (credit counselors, therapists, financial advisors) and pick the right financial plan for their specific concerns. Likewise, education on fake news can reduce stress that may arise from using social media and various media outlets. In the era of social media, there’s an epidemic of people comparing themselves to false images of exaggerated lifestyles online, says Leger. This further contributes to the assumption others are doing better financially while making the same income.