Spring Into Safety: Under Pressure—The Real Impact of Financial Stress on Health, Work, and Well-Being
Picture this: You’re on a call during a blazing heat wave. The industrial chiller has failed.
The owner seems surprised.
You’re not.
The system wasn’t serviced last year because “it was running fine.”
You know a system without support can’t run under prolonged stress forever.
Humans aren’t much different. But unlike a chiller, our stress isn’t seasonal.
The rent still needs to be paid. The fridge still needs to be filled.
The bill can wait.
The stress won’t.
Financial stress is one of the most common—and least talked-about—pressures facing working Canadians today, including those in the skilled trades.
It’s a pressure added to nearly every purchase during a cost-of-living crisis.
Rising costs, debt, and uncertainty affect more than our wallets. They impact sleep, focus, health, relationships, and job performance. It’s the kind of stress that clocks out with us and follows us home.
In this edition of our Spring Into Safety series, we’re taking a closer look at financial stress as a hidden safety hazard, why it’s becoming more common, and what real, practical support looks like when pressure starts to build.
The Sobering Stats on the Cost-of-Living Crisis
First off, for anyone dealing with financial stress: you’re not alone.
Financial stress is affecting Canadians across all industries and income levels—including the skilled trades.
You don’t have to take our word for it. We sat down with our partners at Enriched Academy (more on them later) to go over the sobering stats on Canadians and the cost-of-living crisis.
The pressure we’re feeling is backed up by the numbers:
41% of working Canadians are now classified as financially stressed (a 37% increase from the year before)
1 in 3 run out of money before the end of the month
65% of North Americans avoid talking about money
And if you think that stress can stay safely at home, think again.
Enriched Academy also broke down insights from the 2024 Consumer Debt Report:
42% of Canadians feel embarrassed to seek financial help (up 4 points from 2023)
7 in 10 Canadians are more comfortable discussing physical health, mental health, or relationships than money
1 in 3 consider personal finances the most uncomfortable topic to discuss with family or friends
The report also flagged that Canadians are increasingly linking debt to record levels of negative emotional responses such as worry, anxiety, frustration, depression, hopelessness, and embarrassment. Unfortunately, many of these issues appear to have worsened through 2025.
Last year, the federal government’s Financial Literacy Month campaign, “Talk Money,” aimed to break the stigma around debt. Despite widespread financial stress, that campaign found only 30% of Canadians with debt seek advice from financial professionals.
No, It’s Actually NOT “All Your Fault”
Our society values stoicism and self-reliance, so financial stress often comes with shame, guilt, and the feeling that our situation is entirely our fault. But is that really true?
According to aggregated cost-of-living data from Statistics Canada and national cost-of-living datasets:
The average monthly cost of living for a family of four runs $5,900–$6,400
Food prices are expected to rise 4–6% in 2026, adding ~$1,000 to a family’s grocery bill
Housing remains the largest expense nationwide
Ontario has one of the highest costs of living in Canada
(Source: Spergel Consumer Proposal Experts)
No, your beer after work—or your kids’ little league practice—isn’t the sole reason you’re feeling the pinch.Rising food, gas, and housing costs aren’t any one person’s fault, but they still become our responsibility to navigate.
Sitting down with Enriched Academy, we talked shop on the realities behind rising household costs.
When it comes to housing specifically, Enriched Academy cited the Bank of Canada, noting that younger demographics in our industry are being hit especially hard:
“Many trades households entered mortgages at variable or short fixed terms between 2020 and 2022 and renewals in 2024 to 2026 often mean payment increases even with recent rate cuts” (Bank of Canada)
Tools that seem like quick ways to relieve financial pressure can also become gateways to larger financial problems.
One example is payday loans, which offer quick cash borrowed against future earnings at high interest rates.
While especially attractive to younger trades workers looking for a stopgap measure, they can be exceptionally easy to fall into—and extremely difficult to get out of.
But Stress Is a Part of Life, Right? It’s Not Actually Affecting My Health.
It’s easy to accept financial stress as an unavoidable part of life. Like all personal problem, you have to leave it at the door when you walk onto the job site, and that’s that.
Except you can’t willpower your way out of financial anxiety. As we discussed in Part 1 of our series, your body can stay stuck in fight-or-flight mode when the danger feels constant, impacting our daily life.
Consider nearly half of Canadians say they’ve lost sleep because of financial worries, and nearly 1 in 3 Canadians report running short of money before the end of the month.
The Impact of Financial Stress on Mental and Physical Health
Remember when we said stress was a safety hazard? Here’s why.
Statistics shared by both Enriched Academy and the Government of Canada link financial stress to serious short- and long-term impacts on physical, mental, and professional well-being.
People dealing with financial stress are:
4x more likely to suffer from sleep disruption, headaches, and illness
More likely to experience relationship strain, anxiety, depression, and long-term emotional and physical health issues
Sure, Money Is Stressful, But It’s Not REALLY Affecting Job Performance…Right?
Yes, it absolutely affects job performance.
In fact, Erich Trudel of Beneva stated in a recent article by Insurance Business:
“Financial pressure is no longer a peripheral issue… It directly shapes mental and physical health, with actual impacts on absenteeism, presenteeism and productivity.”
Enriched Academy’s insights support this, citing that ongoing financial stress links to sleep deprivation, fatigue, and impaired decision-making—all of which increase the risk of workplace hazards and accidents.
The results in outcomes like increased turnover, more disability claims, higher rates of early retirement caused by illness or injury.
If this is feeling too familiar, take a breath. It doesn’t have to stay this way.
UA Local 787’s partnership with Enriched Academy was built around one goal: improving members’ quality of life through financial tools, resources, and education that help break the cycle of stress and safety risks.
Enriched Academy: Real Solutions for a System Under Pressure
If you’re new to Enriched Academy, here’s what you need to know.
UA Local 787 partnered with Enriched Academy in late 2025 to provide members with additional financial education and support through a free online platform offering tools, resources, and one-on-one financial coaching.
And the partnership wasn’t random.
After our UA National Wellness Program blog in 2025, we asked members what additional supports they valued most. Financial education and support ranked highly, making this partnership a direct response to member feedback.
Members should have since received emails from Enriched Academy and Local 787 with registration details and account setup information.
Haven’t signed up yet? Don’t worry—you can also access the platform through the Members’ Portal.
Self-described as “the Netflix of financial wellness,” Enriched Academy delivers short, easy-to-digest financial education content built for all ages. (Yes, your kids can access age-appropriate content too.)
The platform includes toolkits, budget and mortgage calculators, self-paced courses, and free one-on-one financial coaching through live video calls, giving members direct access to support tailored to their financial goals.
Wait! Is Enriched Academy Trying to SELL Me Something?
We get the hesitation, these days everything feels like it comes with a “catch”.
So let’s address that directly:
No—Enriched Academy doesn't have a sneaky sales pitch.
That’s not their business model. Instead, the partner with organizations like Local 787 to provide members with additional financial education, tools, resources, and one-on-one coaching beyond what we can offer in-house.
We often say it’s “free,” but more accurately—it’s already been paid for.
The program is included as part of your membership through union dues, meaning members can access the platform at no additional cost.
Is There ANY Additional Cost for Using Enriched Academy?
Short answer: no—not for the resources we’re describing here.
Members receive full access to Enriched Academy platform including:
Courses, webinars and educational content
Toolkits, calculators, and educational resources
Two free one-on-one coaching sessions per year
Additional costs would only apply if someone intentionally opts into extra services.
For example, Enriched Academy offers free Will Kits through Canadian Legal Wills. More advanced estate planning features may involve optional fees through that external provider, which are clearly communicated upfront.
The same applies to coaching beyond the two included annual sessions.
So, How Can Enriched Academy Help?
Paying down debt? Buying a home? Planning for retirement? Building a budget? Learning to invest?
Enriched Academy is there for all of it, no matter where you are in your financial journey.
But beyond financial literacy, one of there most valuable offerings is practical management about financial stress. Because as Enriched Academy explained to us, financial stress is often more emotional than it is logical.
Because money is emotional.
We asked about the most common financial stresses and insecurities people face, and many of their insights felt very familiar.
1. It’s Common for Cash Flow and Monthly Stability to Feel Confusing
Financial stress isn’t always about not making enough money. Often, it’s about cash flow management.
Common concerns include:
Not knowing where money is going each month
Making enough “on paper” but still coming up short
Stress from timing gaps between bills and pay checks
2. Most People Forget the Importance of Emergency Preparedness
It can feel impossible to “save for a rainy day” when you’re already struggling to get by.
Many people end up:
Assuming emergencies are rare
Feeling ashamed about a lack of savings
Using credit during unexpected financial crises or shortages of work
Underestimating the long-term cost of being unprepared
3. Many People Have Emotional Reactions Around Saving vs. Living
Financial stress often creates emotional reactions around spending and saving.
Common feelings include:
Guilt when spending money on enjoyment
Feeling hopeless about saving because “it’s never enough”
Viewing saving as sacrifice instead of protection
What Will Enriched Academy Actually Help Me With Financially?
We asked Enriched Academy specifically how they help members like ours, and their answer was so clear we’re quoting it directly:
“Yes, families often experience an immediate difference in their personal finances after just one meeting with a Financial Coach—sometimes saving hundreds or even thousands of dollars by optimizing their finances and readjusting their budget.”
Okay, How Does Enriched Academy Turn Those Resources Into Real-World Outcomes?
Here are just a few examples of the resources available through Enriched Academy right now:
The Wealth Mastery Course – A comprehensive online program covering everything from budgeting and credit to long-term money management and financial planning. Many Canadians never received this kind of financial education in school, so the course helps fill those gaps by teaching financial defence, budgeting, credit understanding, and how to optimize your financial situation.
The Financial Toolkit – Packed with online calculators and planning tools for budgeting, debt reduction, retirement planning, tracking net worth, and lowering monthly bills.
Weekly Webinars – Live webinars every Tuesday covering a different financial topic each week. Sessions are recorded and shared with registered participants afterward.
1:1 Financial Coaching – Each member receives two confidential coaching sessions per year, funded by UA Local 787, to help build a personalized financial plan and work toward specific goals. One of the most valuable offerings!
What Makes Financial Education Different From Financial Advice?
Great question.
As Enriched Academy explains: Financial advice tells you what to do. Financial education teaches you how to think, plan, and make decisions that work best for you and your family.
In short: advice solves a decision. Education builds a mindset and skillset.
Results, Results, Results! How Does This Actually Improve My Life?
Enriched Academy cites that many families feel an immediate difference after just one coaching session, and financial education programs like theirs are consistently linked to improvements in:
Financial well-being
Confidence
Stress reduction
Savings behaviour
Debt management outcomes
And yes—even workplace productivity
The strongest gains come from building understanding, clarity, and confidence—not simply following instructions.
Will It Help My Professional Life Too?
UA Local 787 is willing to bet it will—and Enriched Academy agrees.
Enriched Academy cited a 2024 academic study showing employers with financial education programs experienced:
Higher labour productivity
Higher total factor productivity
Lower employee financial stress, confirmed through survey data
Okay, I’m In. Whats the First Step?
Motivated? Overwhelmed? Not sure where to start?
Sometimes the best thing you can do is get some advice from someone who understand money and real-world pressure.
Book one of the confidential one-on-one financial coaching sessions offered in your Enriched Academy plan.
These sessions are designed to help you:
Understand where your money is going
Identify what feels uncertain or overwhelming
Build practical next steps without judgement or sales pressure
What To Do Next?
Let’s get you on your path to lower stress and stronger sense of financial control.
Log into the Members’ Portal and make sure your Enriched Academy account is set up
Having trouble logging in? Reach out to our admin desk at admin@ualocal787.org
Check the email address connected to your union communications—an invitation to register for Enriched Academy was sent in late 2025
Follow Local 787’s social media channels for updates on webinars, coaching, contests, and additional offerings
Feeling inspired? Go ahead and book your first one-on-one coaching session
And speaking of offerings—we’ve got a few additional goodies for you.
Need a Reason to Get Started Now? HOW ABOUT MONEY
Enriched Academy is hosting the Mind & Money Matters Contest from May 1–31 in recognition of Mental Health Awareness Month.
And yes—there are prizes involved.
Prizes
1st Place: $500
2nd Place: $300
3rd Place: $200
(Paid out in gift cards)
Winners can choose from practical options like gas, groceries, dining, clothing, and online retailers.
How to Enter
Step 1: Register (By May 11)
Sign up through the portal to enter the draw and access the webinar series.
Step 2: Watch the Mind & Money Matters Series
Can’t attend live? Recordings will be provided.
May 12: 6 Ways to Reduce Financial Stress
May 19: Wills Made Simple: What Every Adult Should Know
May 26: Managing Your Money: Leveling Up with a Financial Coach
Step 3: Take Action
Book and attend a one-on-one coaching session to build a plan supporting both your financial and mental well-being
In Closing
Any complex system (HVAC or human) needs regular maintenance to work well under increasing pressure.
Financial stress is normal during a time as volatile as ours, but leaving it unaddressed can be just as dangerous as ignoring any other safety hazard.
Support, planning, and advice from trusted sources are small steps that can prevent bigger risks to our health, wealth and personal well-being down the line.
The support, resources and tools are here for you.
What you’ll build with it is up to you.
Before We Wrap Up…
We wanted to leave you with a few additional resources:
Download Enriched Academy’s webinar package for April, May, and June HERE
Get details on their Mind & Money Matters contest HERE
Explore our Ontario Resources Page, filled with publicly accessible Ontario and Canada-wide supports HERE
Check out our throwback blog covering the benefits available through Union Savings
Looking for even more free and publicly accessible supports? Visit these resources from Government of Canada:
We’re not done with our Spring Into Safety series.
Stay tuned for the next entry, where we tackle other forms of stress—and not just how to survive them, but how to thrive in spite of them.