A Standard to support your employees’
Successful organizations know that a conscious effort to focus on employee wellness will have a direct impact on the success of the contributions made by employees, and to the overall success of the business outcomes.
Three Elements of Financial Wellness
Combining the 3 elements of financial wellness at a high level means an employee has the money to meet
short-term obligations, is making appropriate plans to meet long-term obligations, and the knowledge,
skills, and confidence to manage their financial affairs.
An objective measure relating to an employee’s financial resources and the ability to meet their ongoing financial obligations including planning for retirement. Financial health may change over time depending on the employee’s life stages and commitments.
A subjective measure, involving an employees’ attitudes and confidence about their financial situation, and about their ability to manage it over the short- and long-term.
The knowledge, the skills and the confidence needed to make responsible financial decisions, along with the ability to apply that knowledge to everyday life. Financial literacy is necessary for financial well-being and wellness, although not sufficient on its own.
The Case for Financial
Money is one of the most frequently reported causes of stress. Stress is one of the most influential determinants of health. According to the 2016 Sun Life Canadian Health Index Survey,
of individuals were experiencing uncomfortable levels of stress related to personal or household finances
faced excessive stress in trying to maintain a budget
were stressed by unexpected expenses
Benefits of investing in Employee Financial Well-being
By committing to financial wellness, employers can bring lasting benefits to employees, and positively impact business outcomes
Benefits for Employers1
- Reduced anxiety of employees
- More productivity
- Reduced absenteeism, presenteeism
- Reduced turnover
- Increased employee satisfaction
- Improved loyalty
- Improved morale
- Healthier employees
Benefits for Employees
- Better understanding of issues regarding personal finances
- Better support for identified needs
- Improved overall health, including mental health, i.e., less stress, anxiety, better sleep, etc.
- Satisfaction and peace of mind
- Increased participation in financial health choices resulting in greater self-confidence and life skills
- Lasting benefits intellectually, physically, socially and economically
1 Mercer Canada, Zen and the Art of Employee Financial Wellness; Sun Life Financial/Ivey, Canadian Wellness ROUI Study Update
Apply for Certification
Independent validation and national recognition through the Canada Awards for Excellence,
the country’s most coveted organizational awards program.
Financial Wellness certification involves a submission describing how your organization meets the Standard’s Requirements, as well as an anonymous Excellence Canada survey completed by employees (or equivalent). The intention of this brief survey is to ensure broader participation to support the verification process. Following the submission review, a high level report will be provided. Successful applicants will be eligible for a Certificate of Merit under the Canada Awards for Excellence program.
Canada Awards for Excellence Recipient
Financial Consumer Agency of Canada