Employee well being – supporting financial literacy

Stresses surrounding personal finances can affect employees’ productivity at work as well as their general well being. Financial stress is repeatedly linked to poor health, fatigue, anger, depression and heart attacks. Employees who have a better understanding and control over their personal finances have less stress, which translates to increased productivity at work.

“We know that worries about personal finances are at the top of the list when Canadians talk about excessive stress. And as each of us know only too well, stress isn’t something you can tuck away in a drawer or leave at home. It comes with us to work where it can be a distraction that affects employee work performance and leads to absenteeism.” – Jane Rooney, Canada’s Financial Literacy Leader.

In past blog posts, we have discussed how Employee Assistance Programs can support employee well being and reduce stress at work. Employers who invest in Employee Assistance Programs based on financial education, can achieve an overall healthier workforce that is motivated and more successful on both a personal and professional level. A good financial literacy program should consider all employees from someone just entering the workforce to someone at retirement age. The financial concerns and stresses of employees in different age groups or life stages would be very different.

The Financial Consumer Agency of Canada has many free programs, tools and resources for employers.

If delivered properly, an employee financial literacy program can reduce employee stress and the associate health concerns and can result in increased productivity and more engaged employees.

Sources:
Government of Canada – Workplace Financial Literacy

Benefits Canada Financial literacy and your bottom line Financial literacy and your bottom line

BDO First Call Debt Solutions Financial Literacy plays a Big Role in Reducing Debt Stress & Bankruptcy in the Workplace