Dollars and Sense: Financial Literacy and Workplace Wellness

Dollars and Sense: Financial Literacy and Workplace Wellness

Posted by HRdownloads on Jan 3, 2019 2:30:00 PM

Canadians worry about money. More than two fifths of Canadians consider money to be their biggest stressor, and stories abound of people struggling under mortgages, bank loans, and student debts, or failing to save money for their future. Commentators ascribe some of this worry to problems of ‘financial literacy,’ the understanding people have (or lack) about money, especially about saving, spending responsibly, and investing.

Many Canadians now find themselves living from paycheque to paycheque, their financial situation so precarious that one emergency could be disastrous. A survey in the United States found that 47 percent of respondents would not be able to cover a $400 emergency, or would have to borrow money or sell something to cover it; another study found that more than a quarter of participants could not come up with $2,000 for an emergency in 30 days, and a further 19% could only come up with that much money in time if they pawned possessions or took out payday loans.

So while schoolboards across Canada now insist on teaching financial literacy to schoolchildren (some starting as early as grade one), Canadian adults often have a long way to go before they can take control of their financial futures. All this financial uncertainty can translate into workplace stress, which may lead to mistakes, accidents, illness, absences, and higher turnover.

There are many simple ways you can help your employees feel more financially stable and make the most of their money, and most employees recognize that money management is a valuable skill to have—they just don’t know how to learn or can’t find the time. Workplaces are thus ideal venues for financial education. To get started today, Download our FREE Financial Wellness Program Guide, which will help you implement a financial literacy program that works.

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Sources:

http://www.fpsc.ca/news/publications-research/how-is-financial-stress-affecting-canadians 

https://www.cnbc.com/2018/05/22/fed-survey-40-percent-of-adults-cant-cover-400-emergency-expense.html 

https://www.cnbc.com/2017/03/22/1-in-3-americans-could-not-come-up-with-2000-in-an-emergency.html 

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Topics: Financial Literacy

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