Why Financial Wellness Matters for Employees’ Health and Productivity

Why Financial Wellness Matters for Employees’ Health and Productivity

Employee stress can negatively affect your business. The more stressed your staff feel, the less work they will complete due to mental health problems and other physical ailments.

According to the Canadian government, 40% of the employed Canadian population feels daily stress due to debt. In addition, even if your workers are not in debt, routine expenses can hit hard.

Almost half of workers reported to the Canadian government that they live paycheque to paycheque, meaning they would not be able to pay their bills if their wages arrived late. Many Canadians don’t even have a grasp of how to manage their finances properly.

To maintain a productive workplace and thus save yourself thousands of dollars a year on workers’ wasted time, you must prioritize employees’ financial wellness.

Today, Group Enroll will present you with the following guide on why financial stress can cost you money and how to help your employees overcome it. Let’s first start by taking a look at what the true meaning of financial wellness is.

Table of Contents

What is an Example of Financial Wellness?

People who have achieved financial wellness are:

  • Feeling secure about their future
  • Feeling secure that their families will be taken care of should the unthinkable happen
  • Able to pay their bills on time
  • Managing their monthly expenses
  • Not living paycheque to paycheque
  • Conserving emergency money (typically about three months worth of total living expenses)
  • Able to save for long-term goals and larger purchases and investments
  • Able to enjoy life by making choices that allow them to take part in what they love (travel, courses, sports, hobbies)

How Financial Stress Affects Employees

Workers experiencing financial stress in their personal life report spending over one-third more time than usual at work worrying about money. Furthermore, employees with financial anxiety are 16% more likely to report a lack of productivity at work.

Thus, there are two main problems caused by financial stress: decreased productivity and absenteeism.

Financial Stress Is Detrimental to Productivity

Employees Who Struggle Financially Are Less Focused at Work

How Can I Help My Employees Improve Their Financial Security?

Improving your staff’s financial wellness is not only a charitable action but also a business strategy. Minimizing your team’s financial stress will increase focus and productivity levels. Your staff is also less likely to suffer from physical ailments.

Though office perks such as free coffee and annual employee parties can improve rapport with your staff, they do not lead to overall satisfaction—free coffee will not pay your team members’ monthly rent.  And those pub afternoons are certainly not a replacement for a retirement package.

According to the Canadian government, 84% of workers say they would partake in financial education provided by their employer. 70% also believe that management should provide resources to help support financial wellness.

Our four suggestions to improve the financial life of your team are:

  • Provide financial education
  • Encourage physical health
  • Suggest or provide retirement plans
  • Offer private group insurance

Provide Financial Education

Encourage Physical Health

Suggest or Provide Retirement Plans

Offer Private Group Insurance


Find Insurance to Alleviate Financial Stress for Your Employees

It’s time to take action and improve your team’s financial wellness. Take the first step by applying for group insurance. 

If you would like to find out more about private group insurance plans, contact Group Enroll. We scan multiple providers so you can choose the best option for your business. To start the process, you must fill out our quote form.

We will contact 5-10 of our partners based on your needs and send you the most competitive proposal. You can ask for group dental insurance, extended health care plans, and more! If you need additional information, you can also contact us at hello@groupenroll.ca.

Find our office’s location at:

10 Great Gulf Drive, Unit 5
Vaughan, ON
L4K 5W1

We look forward to hearing from you!