- Posted by Jon Harju
- On December 11, 2019
For many Canadians, money worries are one of their biggest sources of stress. It’s not a surprise that a survey found that 53% of employees stress about their finances, and 43% believe their work performance suffers as a result.
Over the holiday season, financial stress often worsens, putting employees at risk of distraction and inability to fully focus on their work.
How the holidays and other life events impact employees’ financial wellbeing
Many different factors contribute to a person experiencing financial stress, including separation and divorce, the loss of a loved one, caring for a loved one, going through abuse, going into debt and even the financial pressure of the holiday season. Inevitably, this stress can start to have a negative impact on an employees’ performance and engagement.
The impact of financial stress at work
Financial stress prevents employees, teams and organizations from reaching their full potential. According to one study, financially-stressed employees are 5 times more likely to be distracted at work and 46% spend 3 hours or more a week dealing with financial issues.
On a broader level, the Canadian Payroll Association calculates that financial stress deducts nearly $16 billion a year in lost productivity from the Canadian economy.
Employees dealing with financial stress are:
- Twice as likely to report poor overall health problems
- Four times as likely to suffer from sleep problems, headaches and other illnesses
- More likely to experience strain in their personal and professional relationships
Financial stress can also lead to more serious health problems, such as:
How to support employee financial wellness
Smart organizations are recognizing that being financially stable is an important priority for their employees’ wellbeing and that leaders have the opportunity to provide employee benefits that support financial wellness.
1.Provide onsite expert financial training sessions
Offer lunch ‘n’ learns with financial experts who can educate and provide tips about how to prepare a budget or effective debt management strategies, for example.
2.Focus on building and strengthening resilience
Ensure your employees have on-demand access to fundamental resilience-building tools (i.e. CBT) that prepare them to better cope with life’s challenges such as debt and other financial pressures.
3.Mental health and wellbeing benefits
Provide employees with mental health benefits that offer accessible and stigma-free support from licensed mental health professionals when facing the overwhelming challenges of financial pressures.
Value your people
By implementing financial wellness initiatives in your workplace, you will empower your employees to feel more in control of their financial situation, and be able to come to work more productive and engaged.
Learn how Snapclarity can transform your employees’ mental healthcare experience.
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