Stress + Mental Health –
Bell Let’s Talk Day

Financial Stress + Mental Health – Bell Let’s Talk Day

According to the latest Financial Stress survey commissioned by Financial Planning Standards Council in 2020, Canadians ranked money as their #1 stress -ranking it higher than work, personal health and relationships. 

The survey found that four-in-10 Canadians (38%) ranked money as their greatest stress, one-in-10 note the pandemic has significantly impacted their financial stress levels.

Fear and ambiguity, especially around uncertain health and economic prospects is a major cause of stress and anxiety - according to the The Money, Fear and Stigma poll by Licenced Insolvency Trustees, Bromwich+Smith. Fear of the unknown caused nearly two-thirds of respondents to worry as Canada enters this next chapter. Women (72%) were much more likely to feel this state of fear than men (54%). Meanwhile, younger Canadians (74%) were again more likely to be fearful about the looming uncertainty than those aged 35-54 (62%) and aged 55+ (56%). Rounding out the list of fears was loss of my job (30%) and collapse of my small business (17%).

Many people recognize the number one killer of Canadians is stress.  What many people don’t recognize or refuse to acknowledge is the amount of debt that they carry, and its effects on their stress and emotional well being. Add COVID to the mix and we see a major impact on mental well-being.

Debt does not discriminate. “Martin Luther King, Jr. famously said that ‘the arc of the moral universe is long, but it bends toward justice,” said Jasmine Marra, Vice President Marketing at Bromwich+Smith. COVID has certainly caused major financial strain for Canadians.  “Despite the considerable setbacks, the pandemic should be a teachable moment for everyone as many who thought they were financially stable have now experienced difficulties. It is critical that Canadians realize that, especially during these extraordinary times, it’s okay to reach out to professionals for financial and debt advice.”

When you have heart issues, you see a doctor and they refer you to a cardiologist. When you have issues in your marriage you see a marriage counsellor, and if all else fails you are referred to a mediator or lawyer.  When the uncertainty of COVID leads to feeling overwhelmed by debt, the right person to talk to is a counsellor, and when the relationship requires a greater level of mediation, your go to partner in the community are Licensed Insolvency Trustees.

At Bromwich+Smith, we are recognized as the leader for people needing debt relief.  This is because we recognize and embrace the social and emotional challenges of debt, while providing affective and efficient solutions to our clients.

Formal restructuring does not have to be a sterile and mathematical calculated return to your creditors; it can be, and it is when you’re dealing with the debt restructuring specialist at Bromwich+Smith, a wholistic approach to rebuild your worth, both financially and emotionally.

After entering a restructuring program, 97.9% of our clients surveyed say their State of Wellbeing is Better to Much Better than prior to entering the program. 

Just as in mental health it’s not enough just to say that you understand and that you care, you need to provide those suffering with the professional advice and services, that we as Canadians have earned and deserve; so too with those facing the overwhelming stress and anxiety of being unable to pay their debts, they deserve the same compassion, care and professionalism as that found in the health industry.

Our commitment to the community is to rebuild your worth of all of our clients, one person at a time, with their needs and the needs of their family and community in the forefront. In honour of Bell Let’s talk day, let’s remember to support our friends, family and community members with all their mental health challenges – even the financial ones.

At Brimwich+Smith, our debt relief specialists available to offer debt advice and debt restructuring entirely from the comfort of your own home. One of the first in the industry to offer video appointments with clients, Bromwich+Smith’s Debt Relief Specialists are available for FREE personalized CRA debt consultation by phone at 1-855-884-9243 or via the contact us page.

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