Employer-provided financial wellness programs have a measurable affect on employees’ retirement readiness, according to a recent study by U.S.-based think-tank Financial Finesse Inc. When employees repeatedly engage with programs, their financial well-being moves from four to a six on a 10-point scale, which correlates with a 38 per cent increase in the amount they contribute to their retirement […]
Niagara Casinos’ multi-pronged approach and leveraging of company resources to promote financial literacy among employees contributed to its award for financial wellness at Benefits Canada’s 2018 Workplace Benefits Awards in Toronto on Oct. 11. The organization’s financial wellness program includes an employee intranet, which is available at work and from employee’s home computers. The network features graphics […]
Take the free money. This is my regular mantra for employees in employer-sponsored retirement plans. But many employees don’t enrol in company-sponsored plans or don’t take the maximum amount of free money available. When human resources professionals ask their employees why, their responses include: “I get a better return with my advisor, so I am contributing with her/him.” “The investment […]
Stress related to financial well-being has a major impact on the workforce, according to a new report by Arthur J. Gallagher and Co. With Canadians loaded down by major debt and with many lacking proper retirement savings, employees are more likely to be distracted at work and older workers are more likely to stay in the workplace for longer because […]
Nearly half (46 per cent) of Canadian employees said financial stress is impacting their workplace performance, according to a new survey by the Canadian Payroll Association. The survey also found that Canadian employees are more concerned with work-life balance (33 per cent) than they are with earning higher wages (26 per cent). This is especially true of […]
Cashiers will often ask Canadian consumers if they’d like to donate to a charity as they pay for items at retail stores. But what about applying the concept to retirement savings? A pilot project in Mexico is taking voluntary contributions at the checkout counter to a whole new level by nudging people who are buying […]
Many Canadians are challenged to overcome barriers to retirement planning, such as the perception that the process is too lengthy, complicated and overwhelming. But if these barriers can be effectively removed, the financial security of Canadians would be improved. As part of its seniors strategy, the Ontario Securities Commission studied and analyzed barriers to retirement planning […]
Two-thirds (63 per cent) of North American employers offer financial education to their staff and a further 19 per cent are considering doing so, according to a new survey by the International Foundation of Employee Benefit Plans. The survey, which queried 448 organizations from Canada and the United States, found that, among employers that do offer financial […]
Canadians’ personal finances have an impact on their health, with just 26 per cent of people in poor health describing their financial situation as excellent or very good. That compares to 59 per cent of those in excellent or very good health, according to the 2018 Sanofi Canada health-care survey. In addition, the survey found […]
Alongside its financial impact, extreme weather takes a toll on absenteeism, mental health and disability claims, according to a new study by the Intact Centre on Climate Adaptation at the University of Waterloo. The research, funded by Manulife Financial Corp. and Intact Financial Corp., looked at homeowners in Burlington, Ont., after a storm in August 2014 left […]