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The workplace essential: Promoting financial well-being for employees

As Canadians continue to struggle with savings has become more challenging. As a result, in workplaces across the country, employees are looking to their employers to help them get better prepared for their financial future.

This is where a comprehensive group savings program can help employers provide that support, making it possible for employees to gain a better sense of control about both their financial present and future.

The emphasis is on “comprehensive.”

“What’s different today is the financial wellness focus that a good group savings program includes,” explains Rob Hotel, Vice President, RBC Group Advantage, Manitoba, Saskatchewan, Nunavut and Western Ontario (MSNWO). “Through our program, for example, our advisors provide personalized and holistic financial advice to employees around top-of-mind topics like budgeting, credit, debt management, home purchase, education, wills, estate planning and retirement planning. We want to help employees better understand how to manage their expenses today and be able to build savings to reach their financial goals.”

Many employers already recognize the value of group savings programs that emphasize financial wellness. More than half of the employers who responded to the most recent RBC Workplace Realities Poll described these programs as vital to retaining and attracting top talent.

“Employees who spend less time worrying about and dealing with their finances at work are more engaged, more focused and more productive,” Hotel says. “Employers with strong financial wellness programs often report improved engagement, fewer distractions and even lower absenteeism.”

These programs can also help employers address a key disconnect that the RBC poll uncovered. While 75 per cent of employers responded that they believed their employees were retirement-ready, only 46 per cent of employees agreed.

“We believe one of the main reasons behind this disconnect is the impact of today’s high cost of living on managing monthly bills, let alone trying to save toward the purchase of a home and cover any unexpected costs. This has employees seeking more support to help them create a solid financial future.”

Hotel adds that RBC brings that support directly into the workplace. “We lean into RBC’s vast network of advisors right across the country, giving employees ready access to advice — in-person, virtually or by phone. We also have extensive digital resources, including a wide array of investment solutions and self-serve financial education resources.”

Employers who provide group savings programs and related financial education opportunities will see benefits to their company as well as their employees.

“The reason why is simple,” Hotel notes. “By investing in the financial wellness of their employees, employers are investing in the success of their business.”

Visit rbc.com/groupadvantage to learn more about RBC Group Advantage.

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