New research conducted for the Healthcare of Ontario Pension Plan (HOOPP) indicates the top source of stress for workers aged 40 to 60 is their financial well-being – and for most people, it’s a daily concern.
The findings are based on a study of more than 2,800 participants who were asked to identify the biggest sources of stress in their lives: 58 percent of respondents listed financial stress as their top worry. Health concerns (39 percent), worries about relationships or family issues (37 percent) and work or school-related stress (37 percent) were also cited. Additionally, the study found that 60 percent of the participants thought about their current financial situation daily or weekly.
The study group was made up of full-time workers between the ages of 40 and 60 who are members of a defined benefit (DB) pension plan. Researchers also collected data from a separate group of workers aged 40-60 who do not have a workplace pension. The workers with a DB pension plan reported a 9 percent higher financial well-being and 10 percent lower financial stress than those without a pension.
“Stress – including stress about your financial situation – is a key factor influencing both physical and mental health,” said Ivana Zanardo, HOOPP’s Head of Plan Services. “This new research also suggests women in the workplace are experiencing higher levels of financial stress and lower levels of financial well-being than men.”
The report defines financial well-being as a person’s ability to meet their financial obligations, feel secure in their financial future and make choices that allow them to enjoy life. Financial stress refers to psychological strain associated with managing one’s finances, such as worrying about meeting financial obligations, income security, challenges with savings or accumulating debt.
Zanardo added, “The economic benefits of having a pension are well known and contribute to financial security in retirement. There is growing evidence based on research by academics from around the world that financial stress can lead to serious health problems, but having a pension can reduce that stress. HOOPP commissioned this research to better understand how pensions contribute positively to our members’ health and well-being.”
This new study – conducted for HOOPP by the Behavioural Insights Team, a global research firm – also includes a review of academic research that looks at the effects of having a pension on health and well-being. These new findings follow other HOOPP research from the last year which shows, among other things, that a majority of Canadians feel financially unprepared for retirement.
About the Healthcare of Ontario Pension Plan
HOOPP serves Ontario’s hospital and community-based healthcare sector, with more than 700 participating employers. Its membership includes nurses, medical technicians, food services staff, housekeeping staff, and many others who provide valued healthcare services. In total, HOOPP has more than 475,000 active, deferred and retired members.
HOOPP operates as a private independent trust, and its Board of Trustees governs the Plan and Fund, focusing on HOOPP’s mission to deliver on our pension promise. The Board is made up of appointees from the Ontario Hospital Association (OHA) and four unions: the Ontario Nurses’ Association (ONA), the Canadian Union of Public Employees (CUPE), the Ontario Public Service Employees’ Union (OPSEU), and the Service Employees International Union (SEIU). This governance model provides representation from both employers and members in support of the long-term interests of the Plan.
Interested in stress management? Go to stress.org!
OP- TORONTO, Feb. 06, 2025 (GLOBE NEWSWIRE)
Contact: Scott White, Senior Director, Media Relations & External Communications [email protected]
