Stress – For most Canadians, their main source of stress is money. This is even more than employment, health and family obligations. And this stress is costly to the workplace. A report by the International Foundation of Employee Benefit Plans estimates that dealing with financial matters on the job could cost employers from $750 to $2,000 per employee per year.
Many people say they are distracted at work because of these concerns. According to the Conference Board of Canada, extremely financially burdened employees spend around one hour each day while at work dealing with personal finances. In comparison, those moderately burdened by financial issues spend around 1.5 hours per week dealing with them.
Fortunately, adding a financial well-being program in the workplace can help. Many employers are already helping millions of adults to understand their compensation programs and their own pay, as well as to find ways to save money through good financial practices. Providing additional information and access to resources on budgeting, saving, borrowing and debt is a natural extension.
The benefits of offering education about financial well-being education are plenty. For employers, there is higher productivity, higher employee morale, lower absenteeism, and lower healthcare costs. For employees, there is greater job satisfaction, better appreciation and use of employee benefits plans, better overall mental wellness, and increased financial well-being.
The Financial Consumer Agency of Canada (FCAC) can help employers help their employees through its website that is designed to help people better understand, and manage, their money.
Find more information online at canada.ca/financial-literacy.