Money is essential - and so is your mental well-being.

More importantly, your financial wellness could play a significant role in your overall well-being. Research shows that money remains high on the list as the leading cause of stress for many Canadians. In the 2022 FP Canada Financial Stress Index, we learn that 38% of Canadians rank money as their top source of stress, nearly double the amount for personal health (21%), work (19%) and relationships (18%). The research also found that one in three Canadians say financial stress has led to anxiety, depression and other mental health challenges. Unchanged from the previous year, these results suggest that financial stress could negatively impact the well-being of the average Canadian.

Although worrying about money is not uncommon, it’s also not ideal. Like any source of stress, worrying about money can take a toll on your physical and mental health, affecting your overall well-being. A significant portion of this stress stems from a fear of the unknown: Am I saving enough? What if I can’t support myself in the future? This can be scary, but financial self-care is a great way to lessen stress and regain control of your well-being. Learning more about your DB pension and how it works is a great place to start.

Having a deeper understanding of your pension and its role in your financial future can help you feel more in control and empowered about your financial health. This education helps eliminate worries about the unknown and gives you an additional sense of security in knowing that you’ll have the support you need even after you stop working. CAAT develops resources with this in mind so our members have everything they’ll need to enjoy their benefits.

Here are a few practical steps you could adopt to increase your pension knowledge and build your financial confidence:

1. Consider speaking to a financial advisor: Seeking guidance from an expert can help you map out your financial goals to better understand how your DB pension is working to help you achieve them.
2. Attend a CAAT webinar: The CAAT webinars are designed to boost your pension knowledge and are available in key topics like general plan overviews, how to make a pension purchase, and planning for retirement. Each session is held by one of our pension experts and designed to answer any burning questions you might have, setting your mind at ease from any concerns you might have.
3. Estimate your pension: Get a snapshot at what you’ll be earning in retirement. If you’ve got access to My Pension, CAAT’s member portal, you can also easily get your pension estimate there. Or you can use CAAT’s website estimator. Your pension estimate can help you visualize your future and when you can plan to retire.

There is no one solution to eliminating financial stress but taking small steps to better understand your financial future is a great place to start.