Nearly half (45%) of Canadian employees said they have a low level of financial wellness, according to new research by Manulife.
Its Financial Wellness study, which surveyed more than 2,000 Canadian employees, found that 42% of respondents said they felt distracted at work because they are worried about money.
Around 70% of respondents agreed they worry about their financial situation often or sometimes, and among people with a low level of financial wellness, 85% worry about money often or sometimes.
Read: 88% of employees experience regular stress at work
“Financial wellness is not about how much money you have,” said Charles Guay, executive vice-president and general manager, Institutional Markets, Manulife Canada and president and CEO, Manulife Québec.
“A person who has a high level of financial wellness is someone who is confident and knowledgeable about budgeting, retirement planning, investments, debt or insurance. Through this research we confirmed that we need to view our customers, and Canadians, holistically. That means not only helping them achieve their retirement goals but also addressing their near term needs as well.”
Around three-quarters (73%) of respondents with an overall low level of financial wellness scored poorly for retirement planning, while 63% said they have high levels of finance-related stress in their lives.
The majority of respondents with a high level of financial wellness scored well for budgeting and debt management, 61% scored well for retirement planning, and 76% scored well for stress management.
Read: Employee Financial Well-Being to launch online pilot program
Following on from the research, Manulife is launching an online financial wellness assessment tool for its 1.8 million group retirement members. It aims to help them with their financial wellness score, and provide personalized action plans to help reduce their financial worries.