What the health and wealth research told us:
Poor financial wellness affects employees’ emotional, mental and physical health – lowering their engagement and productivity at work.
Financial stress has an alarming effect on overall well-being. The best approach is to help employees manage their health and wealth together.
What is financial wellness?
It is a key element of a person’s overall physical and emotional wellness. It’s an indication of how an individual manages their financial life – from budgeting and managing debt to investing, retirement planning and being financially prepared for emergencies and the impact these have on mental and physical health.
Our research continues ...
Here’s how Canadians are doing in 2016
Poor financial wellness can lead to poor health
Financially unwell Canadians are less likely to engage regularly in any healthy activities.
Only 51% of the financially unwell say they are in good physical health.
Financially unwell Canadians are more likely to experience financial stressors.
49% of the financially unwell say they feel distracted at work due to money-related issues.
This affects you as an employer
60% of the financially unprepared delayed or didn’t obtain various services aimed to improve their health due to financial constraints.
Financially unprepared employees are 16% less likely to say they are productive on the job.
How you can help employees bring their best to work
1- Help them feel financially empowered through education and financial support
56% of the financially unwell have little knowledge of investments. Only 22% of the financially unwell have a financial advisor to help them plan their financial future.
2- Help them feel well-protected in case of unplanned events
Only 11% of the financially unwell feel protected in case of unplanned events. Canadians with a group benefits plan – including health, wellness, life and disability – are almost 2X more likely to be financially well.
3- Encourage them to plan and save for retirement
Only 1% of the financially unwell save on a regular basis and are on track to reach their retirement goal. Canadians with a group retirement plan are almost 2X more likely to be retirement ready and financially well.
We can help you positively impact your employees’ journey towards overall wellness. Learn more about our health and wealth approach today, talk to your one of our representative.