Young Canadians facing ‘excessive stress’ due to economic uncertainty: report

TORONTO – If you are stressed out because of the economy, new data shows that you are certainly not alone.

A staggering 90 per cent of 18- to 24-year-old Canadians surveyed said they are experiencing “excessive stress” because of economic uncertainty.

Seventy-two per cent of Canadians aged 18-80 polled said they are “uncomfortably stressed” due to the economy.

The findings released Monday are from the 2012 Sun Life Canadian Health Index. Today’s release is the third such annual index, based on findings from an Ipsos Reid poll.

The index is a snapshot of Canadians’ attitudes, perceptions and behaviours related to their health.

Overall, the data showed that unemployed or underemployed Canadians rate their overall health as the lowest, compared to full-time working Canadians.

Why are we so stressed?

Household finances, personal relationships and work-life balance were the biggest sources of anxiety and stress among those polled, said Lori Casselman, assistant vice president for Health and Productivity Solutions at Sun Life Financial.

“The weak economic recovery is a key contributor to driving those stress levels,” she said.

Canadians who are unemployed or underemployed are experiencing elevated levels of stress surrounding their household incomes, which can also affect their personal relationships, said Casselman.

The results come as the Bank of Canada expresses continued concern over skyrocketing levels of household debt across the country, now at 163 per cent of Canadians’ disposable income.

Earlier this month, Statistics Canada revised their calculation for household debt to give a more accurate picture of family finances.

The revision shows debt growth over the last decade that looks "eerily similar to the U.S. experience, just before their dramatic housing bust," said David Madani, an analyst with Capital Economics.

Excessive stress amongst young Canadians

Younger Canadians, fresh out of school and looking for work for the first time are having difficulty finding meaningful full time employment, said Casselman.

“Many of them have employment, but they are working part time and not utilizing their skill sets to the fullest.”

Students are also piling on debt in record amounts, a fact which may cause them more stress than academics and exams.

The Canadian Alliance of Student Associations (CASA) estimates that the average university student using student loans graduates with approximately $26,000 of debt.

Student activists say with the increase in tuition it can be difficult for students to focus on their academic career.

“We do want to have the best quality students out there, the best quality people in the job market,” Zach Dayler, National Director of CASA said. “Sometimes that’s not possible if you are trying to work full time and go to school full time.”

So what can Canadians do to help manage their stress?

Casselman said one of the biggest “ah-ha” moments that came out of this year’s index was that Canadians’ work life has a massive effect on overall health.

“Full time work puts people in better shape emotionally,” said Casselman, urging Canadians to leverage the resources they have at their jobs – such as wellness programs and employee assistance programs - to help manage stress.

For those not in the workforce, Casselman recommended adopting healthy lifestyle behaviours to help manage stress – everything from getting regular exercise and adequate sleep, eating healthy foods and building a strong social network.

“All of these things can help put people in a better position to manage stress,” said Casselman.

The Ipsos Reid poll was conducted between June 29 and July 16, 2012. A national sample of 3,133 Canadians from ages 18 to 80 were interviewed.

Follow Heather on Twitter @heatherloney

With files from the Canadian Press

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