Financial education in the workplace is more important than you may think.
The most valuable resource most companies have is their employees. If financial stress reduces productivity, doesn’t it make sense to do something about that?
“According to the 2014 Financial Planning Standards Council survey, we know that worries about personal finances are at the top of the list when Canadians talk about excessive stress,” says Jane Rooney, Canada’s Financial Literacy Leader. “And as each of us knows 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 performance and can lead to absenteeism.”
People can’t leave their stresses behind when they show up at work. Left unaddressed, these worries will affect productivity. One of the best ways we can support our team is by paying attention to their financial well-being. Financial literacy can help improve physical and mental health and increase employee retention, morale, and productivity. It may also help lower absenteeism and healthcare costs.
If you’re a manager or business owner, you can offer education on topics like pensions, benefits and retirement planning. The Financial Consumer Agency of Canada (FCAC) suggests integrating financial literacy information into the following:
- Pay stubs or pension and benefit information;
- Human resources and employee assistance programs; and,
- Workshops: try the money management workshop Financial Basics, find training options and materials in the Canadian Financial Literacy Database, or contact a group that offers free workshops.
You can find more information at canada.ca/financial-literacy-month.
