Workplace productivity may be affected by stress surrounding personal finances and employers have a role to play in improving their financial wellness, according to the Conference Board of Canada.
“Although many Canadians have adequate financial literacy, manage their resources responsibly, and have a retirement plan in place, there are some who face challenges in one or all of these areas, causing them stress and anxiety,” said Louis Thériault, the board’s vice-president of industry, strategy and public policy.
“Financial stress can translate into diminished productivity in the workplace making it more than just a personal issue.”
According to new research, 28 per cent of Canadians say they sometimes struggle to keep up with their financial commitments or are having real financial problems, while 74 per cent of Canadian employers feel that they have a responsibility to help their employees with their financial wellness.
Nearly one-fifth of respondents have a formal comprehensive financial wellness strategy in place, while an additional 37 per cent provide several initiatives and programs not part of a formal strategy.
While many Canadian organizations are beginning to expand their financial education beyond their pension and retirement savings programs, most programming being offered by employers focuses strictly on information dissemination, such as webinars or information booklets.
The Conference Board of Canada’s research suggests that employers provide more interactive programming, including face-to-face initiatives, which may be more effective in helping employees achieve financial wellness.
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