Contributing Writer at Thrive Savings
40% of Canadians are overwhelmed by debt, and 45% of Canadian workers say financial stress is impacting their performance at work, according to a survey by the Canadian Payroll Association in 2018.
Millennials in particular are facing lower entry-level salaries and significant amounts of student debt, which are two major factors contributing to poor financial health among this generation. While we traditionally think of “benefits” in the workplace as health, dental, or vacation-related, this younger demographic of employees is recognizing the importance of a new benefit – financial wellness programs. In fact, 40% of employees under the age of 25 are demanding financial wellness benefits more than ever, as illustrated by this survey.
Personal financial stress diminishes employee productivity and impacts their ability to perform optimally. In fact, a survey by PwC in 2018 shows that 50% of employees who are stressed about their finances spend three or more hours each week while at work thinking about or dealing with these issues.
Employers need to empower their teams through implementing financial wellness support programs, or they risk losing valuable human capital and competitive advantage, and consequently, hurting their company’s bottom line.
Improving financial wellness in the workplace can lead to a number of positive outcomes:
1. Improved employee mental and physical health
2. Decreased health benefit costs for employers
3. Lower employee absenteeism
4. Healthier, more motivated, engaged, loyal, and happier workforce
By helping your employees better take care of their finances, you’ll help them take better care of themselves, and in turn, help your organization’s bottom line.
As the first savings mobile application in Canada to benefit both the employer and employee, Thrive Savings empowers financial wellness in the workplace and can help your organization thrive. We empower employees to set personal savings goals, and increase employee engagement, retention, and loyalty by encouraging employers to match, top-up, or add a bonus to their savings goals. Learn more about how our Thrive@Work program can help you.