Group savings and retirement Financial health

Financial wellbeing: why a retirement plan alone is not enough

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8 min.

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A retirement plan is a strong foundation, but lasting financial wellbeing requires support that helps people make confident, informed decisions.

Financial wellbeing: lasting benefits for people and organizations

Read our white paper

Measurable impact

$69.5B

What financial stress costs Canadian employers each year¹

As the cost of living rises, more Canadians are feeling financial pressure, and it’s showing up at work through reduced focus, productivity and engagement.

How financial stress affects people and organizations

Financial stress doesn’t stay at home. It can affect people’s wellbeing, focus and engagement at work.

Canadians who say money is their main source of stress²

Group retirement savings plan members who say financial stress hurts their productivity³

Canadians who worry they are not saving enough⁴

This stress directly affects health and productivity

Sleep and health
issues

Financial
stress

Effects on focus, productivity
and engagement

Financial realities are changing

Financial stress looks different at every stage of life: young adults may delay buying a home, families may have little room in their budgets, and pre-retirees may need to rethink their financial strategy.

Canadian household debt-to-disposable-income ratio, one of the highest in the OECD⁵.

How group plans can support financial wellbeing

A group retirement savings plan can be an important anchor for a financial wellbeing strategy. To help people make informed decisions, it should be supported by:

Accessible financial education
Personalized financial advice
Simple budgeting, investing and retirement planning tools
Ongoing, individualized tailored support

People who say budgeting or saving helps reduce financial pressure⁶

Why personalized financial advice matters

Clients who work with financial advisors report improvements in their overall wellbeing (physical, mental, financial and social)⁷:

Putting financial wellbeing into practice

Integrate financial health into the total wellbeing strategy
Build trust through personalized financial advice
Offer practical, accessible tools
Measure, learn and adapt

Our white paper explores how a comprehensive approach to financial wellbeing can support people, strengthen engagement and improve organizational performance.