Nearly three-quarters (74 per cent) of Canadian employers feel they have a responsibility to help their employees with their financial wellness, according to a new survey by the Conference Board of Canada.

However, just one-fifth of employer respondents have a formal comprehensive financial wellness strategy in place, while an additional 37 per cent provide several programs that aren’t part of a formal strategy.

The survey, published as Financial Literacy Month gets underway, suggests Canadians’ workplace productivity is affected by stress surrounding their personal finances and employers have a role to play in improving financial wellness.

Read: Shame about financial struggles affecting workplace productivity, employer costs

More than a quarter (28 per cent) of overall respondents report they sometimes struggle to keep up with their financial commitments or are having real financial problems. About a quarter of Canadians who report financial struggles are dipping into their retirement for extra funds. And only about three-quarters (72.5 per cent) are preparing financially for retirement. 

“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, vice-president of industry strategy and public policy at the Conference Board of Canada

“Financial stress can translate into diminished productivity in the workplace making it more than just a personal issue.” 

Read: Convergint Technologies hosts No Spender November effort to boost financial awareness

Copyright © 2018 Transcontinental Media G.P. Originally published on benefitscanada.com

Benefits Canada Newsletter

For the latest industry news and opinions, sign up for our daily newsletter.

Add a comment

Have your say on this topic! Comments that are thought to be disrespectful or offensive may be removed by our Benefits Canada admins. Thanks!

* These fields are required.
Field required
Field required
Field required