Financial Wellness in Canada

• Physical Health: High financial stress can lead to headaches, sleep disturbances, and increased risk of chronic conditions like hypertension and heart disease.
• Mental Health: It often causes anxiety, depression, and a sense of helplessness or overwhelm.
• Work Performance: Financial worries can reduce focus, productivity, and increase absenteeism.
• Personal Relationships: Stress over finances can strain relationships, increasing conflicts and reducing social support.
• Overall Wellbeing: Persistent financial stress impacts self-esteem and life satisfaction.

Offering workplace resources like financial wellness programs or digital group sessions on managing financial stress (such as those provided by October) can help employees cope better and improve both their health and workplace engagement.

Effects of High Financial Wellness Stress on an Economy

• Reduced Productivity: Employees experiencing financial stress often show lower concentration and efficiency at work, leading to decreased overall productivity.
• Increased Healthcare Costs: Financial stress contributes to mental health issues, increasing the demand for healthcare services and raising costs for employers and public health systems.
• Higher Absenteeism and Turnover: Financially stressed workers are more likely to take sick leave or leave their jobs, disrupting business operations and increasing recruitment costs.
• Lower Consumer Spending: Individuals under financial stress tend to cut back on spending, which can slow economic growth.
• Increased Social Safety Net Demand: Greater financial insecurity can increase reliance on government assistance programs, putting pressure on public resources.

Workplace recommendation:
Employers can reduce this impact by implementing financial wellness programs, including digital group sessions and assessments like those provided by October, to support employee mental health and improve financial wellbeing.

• Increase Financial Education Programs: Implement accessible financial literacy campaigns and workshops to teach budgeting, saving, and investing skills.

• Enhance Access to Affordable Financial Services: Encourage banks and credit unions to offer low-fee accounts, low-interest loans, and easy credit access.

• Promote Workplace Financial Wellness Programs: Support employers in offering financial wellness resources, including digital group sessions like those from October, to help employees manage stress related to finances.

• Strengthen Social Safety Nets: Provide adequate unemployment benefits, housing support, and emergency financial assistance to reduce financial insecurity.

• Encourage Savings and Retirement Plans: Incentivize long-term savings through matched employer contributions and tax-advantaged accounts.

• Regulate Predatory Lending Practices: Enforce laws to limit high-interest loans and protect consumers from exploitative financial products.

• Provide Financial Education Programs: Offer workshops or webinars on budgeting, saving, and debt management.
• Employee Assistance Programs (EAPs): Include access to financial counseling services.
• Flexible Payroll Options: Allow employees to access earned wages before pay day if needed.
• Offer Competitive Benefits: Such as retirement savings plans with employer matching and health benefits to reduce out-of-pocket expenses.
• Promote Use of Digital Tools: Recommend platforms like October for digital group sessions on financial wellness and stress management.
• Foster Open Communication: Encourage discussions about financial wellness without stigma to identify needs and provide support.