Un planificateur financier de Solertia accompagne un employé

The employer-employee relationship continues to evolve, and in a context of labour shortage, the expectations of employees are increasingly high regarding the benefits offered to them. According to a recent report by Manulife, 82% of Canadian workers believe that it is important for employers to offer financial wellness programs1.

With a vision towards innovation and also to respond to a pressing need, Solertia developed its Financial Education Program, also known by its acronym PEF, a few years ago. This distinctive program has seen growing success, offering tangible results that are quickly noticeable for both employees and employers.

Objective and Impact of the Financial Education Program

The primary objective of the Financial Education Program is to reduce the financial stress of employees by improving their financial literacy. The measures implemented are designed to educate workers while encouraging them to adopt healthy financial habits. Thus, the PEF helps alleviate financial tensions among workers and promotes sound financial management through thoughtful and prudent decision-making. Solertia ensures the achievement of this objective by adopting various approaches that aim to cater to the preferences of all employees, while also considering the specific needs of each employer.

In addition to the PEF, the Solertia team has developed a Financial Health Barometer. This tool allows each employer to obtain a personalized diagnosis of the financial situation of their employees on a confidential basis, enabling them to better target actions to implement within their organization.

The Importance of Employee Financial Health

The past few years have been full of twists and turns, putting significant pressure on the wallets of much of the population. In 2023, the financial stress of Canadian workers reached a peak, with 37% of the Canadian workforce considering themselves financially stressed2.

Furthermore, 45% of employees spend three hours or more each week worrying about financial concerns, and a major repercussion could be feared in case of delayed payment of their salary, making it difficult for them to meet their financial obligations3.

For businesses, financial stress represents a major risk that can lead to a loss of productivity of up to one week per employee, resulting in a financial loss estimated at $1,000 per employee (calculated based on an hourly rate of $25)4.

In this context, considering inflation, interest rates, and individual situations, it has become imperative to resort to a professional approach to adequately address the financial needs of employees. It is necessary and even more important to address the financial health issues of your employees, on par with the actions that have been taken for several years to prevent physical and mental health issues.

Costs and Benefits of the Financial Education Program

According to the latest data, there is a clear desire to have access to an independent financial education program:

  • 79% of employees believe that a wellness program offered by their employer helps reduce their financial anxiety;
  • 75% of employees consider that access to a wellness program encourages them to stay within the company, thus contributing to their retention;
  • 66% of employees affirm that such a program improves their productivity5.

Solertia’s Financial Education Program is generally included at no additional cost when the company offers a participatory retirement plan. However, the PEF can also be offered as an independent service, adaptable to the specific needs of organizations; the rates are flexible depending on the options chosen.

Offer a Financial Education Program to Your Employees and Contribute to Their Retention

With Solertia’s financial education program, you can offer your employees:

  • Virtual or in-person conferences and workshops covering over 40 distinct topics in personal finance.
  • Individual and confidential meetings with one of our independent financial planners, without any sales objectives or products to sell.
  • Personalized retirement planning.
  • Monthly webinars on current topics.
  • Access to a library containing over 300 reference documents verified and approved by our team.

Thus, financial education remains an essential pillar for the financial stability of employees, both on an individual and organizational level. We strongly encourage you to take concrete steps to implement a financial education program for your employees. This initiative will benefit everyone and strengthen the financial health of each individual, while also positively contributes to the prosperity of your company.

Don’t delay, invest in financial knowledge today!

Feel free to contact one of our advisors at Solertia to learn more; we would be delighted to assist you and your employees.

Published On: 12 April 2024