Poverty takes place behind closed doors
Author: Momentum
You never know if your employees are making the decisions between paying for groceries or paying their rent or paying down their debt. They might be caring for an elderly parent, or their partner might not be working. All these scenarios are details that employees will not divulge to their employers but can cause financial stress in their lives.
Money and mental health are intimately linked and exist in a cycle. Financial strain can lead to mental health challenges, and this can impact our ability to manage our money effectively. [1] Research by the Money and Mental Health Policy Institute has found that the number of individuals suffering from depression and anxiety has increased and continues to increase and are still higher than pre-pandemic levels. Money trouble plays a role in these numbers. [2]
According to the Canadian Payroll Association, financial stress has also been widespread among working Canadians for more than a decade and financial stress is not synonymous with low household income. People who are mid to high income can also experience financial stress and this kind of stress is not concentrated in a particular age bracket or geographic location. [3]
Having access to the tools to help manage finances can be a big relief. There are free, unbiased money management courses available to anyone who wants to learn to budget, or manage their debt, offered by Calgary based non-profit, Momentum.
The five courses on budgeting, assets, credit, banking and consumerism are available on demand, online. Everyone can learn at their own pace and in their own time. Gaining valuable financial empowerment knowledge will increase financial stability which can lead to overall stability, leaving more time and energy for work and life activities.
Learning financial management was life changing for Des, a Momentum participant.
Before understanding how to manage her money, Des experienced homelessness and was struggling with a learning disability. Des had been receiving financial assistance to pay her bills and afford rent, but after seven years, and having aged out of a local housing program, she knew that things needed to change.
“It affects your mental health and I felt really sad and depressed about it for a really long time,” says Des. “I’m by myself. I gotta figure this out because this is not fun.”
Learning to budget and manage her credit gave her the tools to take control of her finances. She also found confidence and resilience through her personal achievements. Over the course of a year, she paid down her debt, totaling $3800. She put some money towards savings and is no longer living paycheck to paycheck. She feels hopeful because she can pay for the things she wants. Not only can she now buy everyday items that she previously couldn’t afford, but equipped with the financial skills she gained, she views her life completely differently.
Access to financial tools can be life changing and help to build someone’s resilience in the face of a changing financial picture every day.
Momentum is a Calgary-based charity dedicated to community economic development. Momentum offers a range of programs that help people living with systemic barriers to start a business, manage and save their money, and get a good job.
About the Author
Access to financial tools can be life changing and help to build someone’s resilience in the face of a changing financial picture every day.
Momentum is a Calgary-based charity dedicated to community economic development. Momentum offers a range of programs that help people living with systemic barriers to start a business, manage and save their money, and get a good job. https://momentum.org/
The views and opinions expressed in this blog post belong solely to the original author(s) and do not necessarily represent the views and opinions of CPHR Alberta.
The views and opinions expressed in this blog post belong solely to the original author(s) and do not necessarily represent the views and opinions of CPHR Alberta.
