Mental health

A tale of two pandemics

Canada was already in the midst of a mental health crisis prior to COVID-19. The pandemic has both magnified and added to this crisis and advisors have witnessed the negative impact on their Clients’ mental health, their colleagues, their families and themselves.

  • 1 in 5 will experience a mental health problem or illness in any given year1
  • 1 in 2 will have/had a mental illness by age 402
  • 60% of Canadians are currently experiencing mental health issues2  
  • 56% of Canadians said COVID-19 is negatively impacting their mental health3

Mental health and the financial advice relationship

As your Clients’ trusted advisor, you see firsthand the connection between financial health and mental health. You’re in a unique position to notice when a Client might be experiencing mental health concerns. However, most advisors feel ill-equipped to provide mental health support and can lack the confidence to have conversations with Clients they are worried about. They can also struggle to maintain their own mental health under the pressure of dealing with Clients and managing their own businesses in this challenging environment. Grow your confidence around how and when to talk about mental health with Clients and use these conversations as opportunities to build trust and create Clients for life.

Mental illness and addiction: Facts and Statistics, CAMH

2 Sun Life Mental Health Survey, January 2021

3 Sun Life Mental Health Survey, June 2020

Creating a mentally healthy workplace is a shared responsibility. All staff have a role to play. As the driver of workplace culture, you must actively participate in creating a mentally healthy workplace and set the tone for your team. Without a supportive culture, your efforts are likely to fall short of making a real impact. 

A workplace mental health strategy will provide your team with a shared vision of, and commitment to, positive mental health where everyone feels comfortable to speak openly without fear of stigma or discrimination. This creates a culture of respect and inclusivity.

5 stages of building a workplace mental health strategy for your team2

  1. Building the foundation - You play a key role in changing workplace culture and reducing stigma. You set the standards and tone for your team. Leaders who champion the values of mentally healthy workplaces are likely to act in ways that support positive mental health. This includes understanding mental health terms.
  2. Identifying opportunities - Decide how you will benchmark success and then gather feedback from your team. For example, what are you doing well and what are your opportunities? Using data is critical: it measures your baseline, identifies your team’s unique risks and opportunities, and is key to building your strategy and ensuring you are focusing your efforts in the right place. 
  3. Set priorities and objectives - Set priorities and objectives that are targeted and measurable, around the opportunities you identified. Your mental health strategy should align with your workplace’s mission, vision and values and should focus on total well-being (such as mental health, physical health and financial health).
  4. Take action - Data and insights will tell you what your strategy needs to address. Some examples could include mandatory team training and implementing policies and practices for supporting employee and client mental health.
  5. Re-evaluate - A focus on mental health is an ongoing effort, not a one-time occurrence. Having an ongoing review process is critical as your teams’ needs - and effective strategies - may change over time.

We must invest in creating mentally healthy workplaces now, Sun Life, October 2020

2 Five stages of building a workplace mental health strategy, Sun Life

Get your toolkit and get ready to make the connection between mental and financial health.

 

Get your toolkit

CONTACT US

Contact your Sun Life relationship manager to learn more about this program and the resources available to you.