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.
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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.”
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