Most employees take pride in their work, but financial stress can be a major distraction. Many workers worry about overdue bills, rising credit card balances and uncertainty about their financial future. In a recent survey of 155 Canadian workers by SolveYourDebts.com, nearly half (49%) admitted that they often or always felt stress related to personal debt while at work.
For many, financial stress isn’t just a personal issue—it’s a workplace issue. The numbers paint a stark picture: 40% of respondents said their financial challenges negatively impacted their productivity, while 45% struggled to concentrate on the job. Absenteeism and tardiness were also affected, with 36% of workers reporting they missed work or arrived late due to financial concerns. Meanwhile, 38% admitted that financial strain had led to lower morale, making it harder to stay engaged and motivated at work.
Financial stress doesn’t have to affect your workers
Many employees enter the workforce without the necessary knowledge to effectively manage their finances, leading to increased stress and poor financial decision-making. By offering financial education in the workplace, employers can fill this gap, equipping employees with practical skills that lead to better financial management, reduced stress, and overall improved well-being.
When asked if financial wellness training could help, employees overwhelmingly said yes. Nearly half (48%) believed such programs would reduce stress and improve mental health, while 43% saw a direct link between financial education and increased productivity. Additionally, 47% said it would improve their job satisfaction, and 63% felt it would help them make better financial decisions.
So, what can businesses do? The answer is simple: invest in financial wellness training. Nearly three-quarters (74%) of surveyed employees said they would be likely or very likely to participate in a workplace financial wellness program if offered.
Workplace wellness initiatives are becoming increasingly popular, with employers investing in programs that support mental health, physical well-being and overall work-life balance. However, financial wellness is often overlooked, despite its significant impact on employee well-being and job performance. Including financial education as part of a holistic workplace wellness strategy can ensure that employees have the tools they need to manage their stress and make informed financial decisions.
Financial wellness programs for employers
At SolveYourDebts.com, we offer financial wellness programs for workplaces across Atlantic Canada. Our four-week financial education series consists of four, 90-minute presentations offered either virtually or in person.
Each week, employees will explore key financial concepts, uncover limiting beliefs and develop practical strategies to achieve their goals. By the end of the series, they’ll be equipped with the knowledge and confidence to make empowered financial decisions, setting the stage for lasting change.
Workshop topics:
- Your relationship with money: Past & present. We’ll dive into the external influences that shape our financial behaviours and discuss why it’s not all your fault. Discover the powerful connections between financial well-being and mental health and learn how different communication styles impact financial decision-making.
- Getting financially fit: Plan, track, review & adjust. We’ll guide participants through creating and maintaining a financial plan, tracking their progress, and making necessary adjustments along the way. Learn how to get organized, set achievable financial goals, and develop the habits that make your plan work for you. We’ll also explore “Money Habitudes” to better understand how one’s financial personality influences decisions.
- Taking control: Improving financial wellness. We’ll identify the signs of financial distress and explore the true cost of banking and credit. Learn what to do when you can’t make payments and discover various consolidation options that can provide relief. This workshop offers practical advice and strategies to regain control, reduce financial stress, and build a more secure financial future.
- Building better credit: It’s about more than the numbers. We’ll break down the essentials of credit reports and scores and show you how to identify and fix errors that could be hurting your credit. Learn about your rights when it comes to credit reporting and gain practical tips for establishing or re-establishing good credit. Whether you’re looking to improve your credit or understand it better, this workshop provides the knowledge and tools you need to take control of your credit future.
Financial worries follow employees into the workplace, affecting performance and well-being. By offering financial education seminars, companies can empower their workforce, reduce stress-related distractions and create a more engaged, productive team. The numbers are clear—financial wellness isn’t just a perk; it’s a smart business investment.
Interested in learning more about our workplace financial education program? Join us at our FREE information session on Thursday, April 24 at 12pm. Register now.
These are some of the findings of a SolveYourDebts.com poll conducted amongst its email subscribers between January 28 and February 12, 2025. For this survey, a sample of 155 Canadians was interviewed online.
