Many Canadian workers feel unprepared as they near retirement age and 45% of Canadians feel distracted at work because of financial worries, according to Manulife’s Financial Wellness Assessment.
While becoming financially-prepared is an individual concern, it’s also something employers could help address for their employees.
Here are four of the findings from the study:
- Finances are a major source of stress for most Canadians.
- This stress can take a toll mentally and physically.
- Individuals who are financially prepared are more likely to be healthier.
- Advisors can help improve a person’s chances of becoming financially prepared.
What does this mean for employers?
If your employees are unsure of where they stand financially, helping them prepare for retirement can potentially result in positive outcomes for your business by:
- Reducing employee stress
- Improving employee wellness
- Boosting productivity
As a plan sponsor, you’re in a position to encourage your plan members to think about the financial aspects of living in retirement. Most employees trust the advice and recommendations provided by their employers related to financial products, services or organizations.
Through the right group plan, you can provide your employees with the resources to create a financial plan to help improve their financial outlook.
Read more on this topic:
Manulife - Employee financial wellness and its impact on Canadian businesses (March 2016)
Manulife – Financial Wellness Assessment (February 2016)
Manulife – Smart Business Move – Transitioning