Money worries have real-world consequences and have been linked to heart disease, high blood pressure, depression and anxiety. Employees dealing with financial stress report poor overall health at two times the rate of their counterparts.
In fact, nearly half of working Canadians (excluding Quebecers) say they’ve lost sleep because of financial worries, according to a Leger report. Further, the Financial Consumer Agency of Canada notes the distraction from financial stress costs businesses an average of $1,000/yr per employee.
It’s time for business owners to invest in employee financial health and stop financial stress from hurting the bottom lines of their businesses and employees alike.
How can you do that? 84% of employees indicate they’d be interested in financial education programs offered through their workplace. Until recently, CacheFlo’s products were only available to financial professionals and larger financial institutions. That left many people who wanted to improve their finances without access to behaviour-based tools and eLearning, which could help them get more life from their money.
To bridge this gap, we released the Financial Capability Program (FCP), a self-serve digital financial wellness product that can help people develop healthy financial habits over time. Employers can support their employees' financial success by providing access to the FCP with its quick and practical concepts. This program allowed us to combine eLearning for individuals with Winton, so learners can immediately apply new skills to their financial situations. Employees can learn critical financial concepts in a matter of minutes.
We’re thrilled to partner with the Halifax Chamber of Commerce to bring financial health and wellness opportunities to companies of any size in Halifax. For only a few dollars a month per employee, Chamber members can now purchase Winton access, which includes the FCP for themselves and their teams.
Remember that financial strain can affect anyone. By working with the Halifax Chamber of Commerce, we can create more opportunities for our fellow Nova Scotians to improve their financial capability. Lowering the distraction caused by financial stress can reduce the risk to the bottom line, and that’s good for everyone.
Check out our recent article in the Trends section of Business Voice. Find out more about building up financial capability in your workplace through our partnership with the Halifax Chamber of Commerce.
Questions? Email us at email@example.com.
Kohli, S.; Levy, R. (2017, May). Employee Financial Health: How Companies can Invest in Workplace Wellness [PDF]. Center for Financial Services Innovation. URL
Canadian Payroll Association. (2018, August). CPA NPW 2018 Employee Research Survey Profile [PDF]. Framework Partners Inc. URL
Financial Consumer Agency of Canada (2019). Calculating the Cost of Employee Financial Stress on Productivity [PDF]. Government of Canada. URL
LegerWeb (2018, May 7). Omni Report: Financial Stress [PDF]. Financial Planning Standards Council. URL