New Mercer Canada Research Unveils Some Surprising Findings That Challenge Employer Approaches to Employee Financial Wellness
When employees can meet their financial obligations, they are more engaged and increases their productivity at work. Many employers offer financial wellness programs to help employees achieve financial security.
As part of our Inside Employees’ Minds™ Financial Wellness Survey – we developed a report based on the feedback from more than 1,500 Canadian employees. This report explores five of the key findings to show how you can improve your financial wellness programs and improve employee engagement and productivity.
Key Findings in the Report:
WORRY ABOUT FINANCES CUTS ACROSS ALL INCOME LEVELS
Many people in households making more than $100,000 a year were just as stressed about how to pay their bills, and save for retirement, as those making far less money.
A MAJORITY OF EMPLOYEES DON’T TRUST FINANCIAL ADVICE FROM THEIR EMPLOYERS
They’re far more likely to trust outside sources, such as banks and personal financial advisors.
MOST EMPLOYEES OVER 50 DON’T HAVE A STRATEGY FOR RETIREMENT
This is a particularly severe problem for those with the lowest levels of financial wellness.
THERE IS A STRONG CORRELATION BETWEEN FINANCIAL HEALTH AND PHYSICAL HEALTH
The more stressed that employees are about their finances, the more they’re likely to miss work—or not engage— due to illness and other health problems.
WOMEN ON AVERAGE HAVE SIGNIFICANTLY LOWER LEVELS OF FINANCIAL WELLNESS THAN MEN
They also have less confidence in their ability to make the right financial decisions—which makes it even harder for them to take the steps necessary to grow stronger.
Do You Want to Learn More About Employee Financial Wellness?
Watch the replay of the Employee Financial Wellness webinar to find out what financial wellness means to your employees and how you can act on the findings. You’ll learn more about our survey of 1,500 Canadian employees and discover our unique approach to financial wellness programs.
In this webinar, you will gain insight into:
- Key findings of Mercer’s Financial Wellness Survey
- The unique approach Mercer brings to improving financial wellness in the workplace
- Case studies about Canadian employers who have worked with us to improve their employee financial wellness
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