Reasons for You to Incorporate Our Financial Wellness Plan™

Employers need to rethink corporate benefit plans and incorporate Financial Education as an essential part of those benefit plans. Traditionally, from a financial perspective, benefit plans focus on product and plan education. Innovative companies are now incorporating health and financial wellness into their benefit programs.

According to a 2010 Harvard University study, for every dollar spent on wellness programs, medical costs fall by about $3.27 and absenteeism costs by $2.73. In addition, the Towers Watson 2009/10 Staying@Work report shows that employers with highly effective wellness programs have performed more than 55% better than their industry peers, achieved higher average revenue per employee and seen less absence, disability and total turnover, as well as lower annual medical costs.

According to Staying@Work, money problems have become the biggest contributor to personal stress and it has started to affect productivity in the workplace. Consider some more statistics:

• Money is the number one cause of stress for employees with an overwhelming 55% of people being stressed about money
• 42% of Canadians lack basic financial literacy
• Canadians are on average spending 25% more than their incomes
• 40% of people say that money stress is affecting their productivity at work
• Employers who implement some form of financial education/financial wellness benefit in the workplace get a 3:1 return on their investment
• Financial stress is impacting employers bottom line