Remote work is amplifying the negative psychological impact of widespread mobility restrictions
Canada’s overall mental health fell to its lowest point since the beginning of the COVID-19 pandemic, with feelings of isolation and optimism both objectively worse than the levels seen back in April, according to a new study by Morneau Shepell.
The HR services provider’s Mental Health Index registered a dip to -11.8 in December, declining from November’s -11.1. These readings were far below the pre-pandemic benchmark of 75.
“While most of the population has adjusted to new work environments and physical distancing, ongoing economic uncertainties and anxieties related to work and personal life continue to plague Canadians,” said Stephen Liptrap, president and chief executive officer of Morneau Shepell. “Our collective mental health is at significant risk.”
Morneau Shepell also reported a variety of index sub-scores:
- Financial risk: 3.2
- Psychological health: -3.6
- Isolation: -12.0
- Work productivity: -12.4
- Anxiety: -13.0
- Depression: -13.9
- Optimism: -14.1.
“When compared to the previous month, all sub-scores decreased except for financial risk, which has improved by 0.3 points since November,” Morneau Shepell said. “Optimism, isolation and general psychological health have worsened the most through the past nine months with a decrease of 1.8 points for optimism, 1.4 points for isolation and 3.3 points for psychological health when compared to April 2020.”
Only the financial risk metric is currently above its pre-2020 benchmark.
According to Paula Allen, global leader and senior vice president of research and total wellbeing at Morneau Shepell, mental health can have a material impact on an individual’s financial practices.
“The correlation is between the level of risk from financial behaviour and mental health,” Allen told Mortgage Broker News by email.
As Allen explained, riskier financial decisions are often associated with lower mental health, as is a lack of emergency savings.
“We have also found that those with the lowest mental health scores are the least likely to return to pre-pandemic spending, indicating that depression, anxiety, and lack of optimism are more likely to reduce spending,” she said.
