In Canada, financial literacy is increasingly recognized as a key pillar of employee wellbeing, particularly as it relates to retirement and investment planning. For organizations, building financial literacy awareness among employees can have a significant impact — not only on their workforce’s personal financial health but also on their overall productivity and engagement. As we mark Financial Literacy Month, it’s the perfect time for organizations to reflect on how they can support financial education as part of a holistic approach to employee wellbeing.
Why financial literacy matters
The financial landscape is constantly evolving, with rising costs of living, complex investment options, and changes in pension structures creating a challenging environment for employees. Without a strong foundation in financial literacy, many Canadians find it difficult to make confident financial decisions that impact both their present and future wellbeing.
Last year’s TELUS Health Financial Wellbeing special report underscores the need for greater financial literacy and education: 25 per cent of Canadian workers are concerned about their retirement readiness, while 30 per cent prioritize financial planning resources within benefits plans. Many employees feel that having access to employer-sponsored retirement savings options would strengthen their financial confidence and control, highlighting the role of organizations in supporting financial education.
The role of organizations in supporting financial literacy
Forward-thinking organizations understand that financial wellbeing is an integral part of overall employee wellbeing. By providing resources and education on retirement planning and investment management, organizations not only help employees gain confidence in their financial decisions but also demonstrate a commitment to their long-term success. In practice, this might include offering workshops on retirement and investment fundamentals, creating accessible resources on retirement savings strategies, or using digital tools to visualize future financial scenarios.
By making it easy for employees to understand and appreciate their retirement and savings plans, TELUS Health aims to bridge the knowledge gap and make informed decision-making more accessible.
Benefits of financial education for organizations and employees
Investing in financial literacy programs brings measurable benefits to both employees and employers. For employees, increased financial literacy can mean a better understanding of investment options, retirement plan structures, and the confidence to make well-informed decisions about their financial future. This, in turn, can lead to reduced financial stress, improved focus at work, and a greater sense of personal control over their financial wellbeing.
For organizations, supporting financial literacy helps cultivate a workforce that’s more financially resilient and engaged. Employees who are confident in their financial planning are less likely to experience financial stress, which has been shown to impact productivity and mental health. Furthermore, when organizations offer retirement and investment resources, they boost their reputation as supportive, caring employers — a key factor in attracting and retaining top talent.
The future of financial literacy in the workplace
As we look ahead, there is a growing need for financial literacy programs that are tailored to meet employees where they are. This means leveraging digital tools that provide personalized insights, offering ongoing education that evolves with economic changes, and fostering an open environment where employees feel comfortable asking financial questions. Organizations across Canada have an opportunity to lead the way in supporting financial literacy and, by extension, the financial resilience and wellbeing of their workforce.
Creating a lasting impact
Financial literacy isn’t just an individual responsibility — it’s a collective opportunity. By prioritizing financial education in the workplace, organizations in Canada can make a lasting impact on the lives of their employees, equipping them with the skills and confidence needed to plan for retirement, invest wisely, and thrive financially. With resources, guidance, and support, employers can bridge the gap in financial literacy and empower a financially healthier workforce for the future.