For the fourth year in a row, Munich Re Group is hosting a wellness fair to promote and highlight the financial well-being offerings available to employees.
The wellness fair, which was held at the multinational reinsurance company’s Toronto headquarters, included representation from its well-being platform provider, defined contribution pension plan record keeper and health benefits administrator, as well as an organization it recently partnered with to provide employees with access to financial education and literacy courses.
During the annual event, which is held in May, employees carry around a small passport and receive stamps from each vendor they visit, says Maria Sands, Munich Re’s head of benefits and retirement savings for North America. They also receive giveaways along the way and a free smoothie for a completed passport.
Previously, the organization’s financial education initiatives were provided solely by its record keeper and were mainly geared towards the pension plan, she says, noting the organization also provides a group registered retirement savings plan and a group tax-free savings account.
While Munich Re focuses on three pillars of well-being — mental health, physical health and financial health — the financial side has become an increasingly key area, says Sands. “Coming out of [the coronavirus pandemic], everything was very much geared towards mental health. Mental health is still very important to us, but the financial part [and] understanding how that feeds into mental health as well [is growing in importance].”
The organization highlights and promotes its financial wellness offerings in November for Financial Literacy Month, but it also wanted to ensure these benefits were represented at the wellness fair, she notes. In particular, at a time when the cost of living is high, the organization was drawn to the new partnership with a financial education provider.
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Through the program, employees can add four family members, whether it’s their children or parents. They can learn how to select a financial advisor, the basics of investing and other types of financial learnings, adds Sands, noting the different modules within the program are geared towards different age cohorts.
“For instance, I signed my kids up so they can learn the basics at an elementary level or a high school level. And there are other employees who are caregivers and they’re thinking about how to prepare their parents for retirement and all the things that come with it.”
Employees also have access to a financial coaching session on any topic of their choice, she says. “It’s an opportunity to have a one-on-one unbiased discussion, . . . giving them that coaching they need to push them or start thinking about different types of ideas or building out a financial plan.”
This year’s wellness fair was attended by around 150 employees, says Sands, adding Munich Re is trying to determine how it could create a virtual fair for some of its smaller offices across North America. “It has definitely become a regular part of our offerings now to make sure we have our fair every year.”
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