Sun Life Survey: Employees Lack Mental Health Support

A new survey by Sun Life Financial (SLF), one of the world’s largest life insurance companies, finds that more than half of Canadians still struggle with mental health issues 18 months after the start of the COVID-19 pandemic.

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Despite this, companies and executives are not improving mental health support for employees enough, survey data shows. This survey was conducted by Ipsos from August 13-20. A sample of 1,500 Canadians aged 18 and over from the Ipsos I-Say online panel was used.

Mental health remains taboo at work, mainly due to a lack of trust in the employer. One in 10 Canadians say they quit, or are considering quitting, because of a lack of mental health support

Sun Life Canada president Jacques Goulet said, “Companies across the country are considering their future of work plans, but Canadians have said – loud and clear – it’s the future of our workforce we must consider. After 18 months of this pandemic, we continue to be in a mental health crisis, yet employees are still not getting the support they need at work.

“I will continue to re-convene my CEO and C-suite forum annually to keep tension on this crisis. If there was ever a time for Canadian leaders to renew their organization’s vision and approach to employee mental health, it’s now.”

Ahead of World Mental Health Day, Sun Life invites Canadian businesses to join in by committing to further invest in a workplace mental health strategy. Reviewing mental health benefits, taking advantage of free resources, and committing to talking about mental health at work are three simple steps businesses can take to weather the crisis. (See Sun Life Financial stock charts on TipRanks)

Two months ago, RBC Capital analyst Darko Mihelic maintained a Hold rating on Sun Life and raised its price target to C$69.00. This implies 8.9% upside potential.

Overall, the consensus is that SLF is a Hold, based on two Buys, one Hold, and one Sell. The average Sun Life price target of C$70.28 implies 7.8% upside potential to current levels.