The U.S. Consumer Financial Protection Bureau reports that initial studies of financial literacy or financial wellness programs in the workplace can equate their impact for both employees and employers to that of physical or mental health wellness programs. If financial education programs can be as successful in changing employee actions as health programs, companies can expect increased productivity and savings associated with reduced sick leave, disability and workers compensation costs.
A recent Ipsos Reid survey found that 72% of Canadians are not confident that
their math and money skills will help them plan a secure financial future.
Financial issues are the number one cause of the extreme stress that leads to
employee absenteeism. According to the Conference Board of Canada,
absenteeism can cost employers up to a staggering 2.4% in payroll.
Help your employees reduce their finance-related stress and improve their
productivity by providing financial counseling services. Our experienced
staff is available to address your employees' concerns in person, online
and over the phone.
A recent Decima survey reports that 55% of Canadians are unaware of how
much their monthly pension benefit will be in retirement and Benefits Canada
explains that many Canadians lack an understanding of common financial products
such as RRSPs and tax-free savings accounts, let alone their employer's DB or DC plans.
Our unbiased counselors help your staff to understand and use their employee benefits and retirement plans to their full potential and even supplement them with their own financial planning. Perhaps most importantly, we demonstrate to your employees how these benefits factor into their complete financial plan.
According to the BMO Annual Financial Literacy Month Survey, more Canadians believe
they are knowledgeable about healthy diets than believe they are knowledgeable about investing.
Your employees want to become more financially literate, and by helping them achieve this goal, your business will benefit from improved morale and job performance, not to mention increased participation in company plans, greater staff retention and higher net profits.
Benefits and Pension Monitor Magazine has reported that average return on investment for companies that commit to financial education for their employees is 3 to 1 or higher.
For many employers, the status quo is simply no longer an option. Aon Hewitt research found 76% of employers are now interested in financial wellness programs while 93% reported they intend to create or expand their efforts.
It’s not surprising given the Conference Board of Canada’s recent assessment of the cost of absenteeism on the Canadian economy: $16.6 billion a year, now making up 2.4% of total national payroll costs. The extensive research available draws a direct correlation between workforce productivity, excessive stress and the lack of financial literacy in Canada.
52% of Canadians carry a balance on their credit cards, according to Abacus Data, and the
Conference Board of Canada explains that employees who are affected by financial stress
due to debt spend 13% of their workday dealing with money issues.
Do away with financial crises before they even arise by helping your employees understand debt management, easy money-saving practices, and successful retirement planning. We can help your employees live within their means which will enable them to meet their debt obligations while saving for retirement and other important life events.
A recent report by PricewaterhouseCoopers indicates that independent financial
planners are the number one most trusted source for financial planning and counseling