Holistic health: The intersection of employee mental, physical and financial wellbeing Explore the interconnected aspects of employee health and how they affect the performance of individuals and organisations alike. Get the eBook

What does financial health really mean?

Financial health is the ability a person or family has to manage their financial obligations smoothly and feel confident about their financial future. It includes considerations such as:

• Are their short-term finances enough to cover their needs?
• Are they resilient enough to recover from financial shocks?
• Are they on track to reach their financial goals?
• Are they feeling secure and in control of their finances?

But concerns about financial health are widespread. One study found that almost half of EMEA employees feel anxious about their finances, with 72 percent saying their main financial goal is managing their debt.

The connection between financial and mental health

When financial health is lacking, it can also lead to mental health disorders such as depression and anxiety. The TELUS Mental Health Index shows that financial concerns are one of the primary drivers of low mental health, affecting about two-thirds of respondents.

Furthermore, financial difficulty drastically reduces recovery rates among people with common mental health conditions. For example, people with both depression and problem debt are 4.2 times more likely to continue to have depression 18 months later than people without financial difficulty.

The connection between financial and physical health

Employees struggling with financial health and economic stability often experience significant stress, which can manifest in various physical and psychological symptoms. These symptoms include poor sleep, irritability, low energy, anxiety and even physical health conditions like migraines or irritable bowel syndrome — all of which can substantially impact both personal wellbeing and workplace productivity.

How financial health can affect employee engagement

A lack of financial health isn’t just a burden; it’s a distraction. According to a 2024 European survey, 60 percent of employees reported worrying about money at least once a week, with 21 percent concerned about their finances every day. Furthermore, a 2025 study found that 61 percent of European workers are constantly stressed about their finances, and half of them say this stress negatively impacts their productivity at work. This financial stress detracts from overall wellbeing and a balanced lifestyle, affecting workplace performance across Europe.

Reducing this stress can lead to direct performance improvements. Research has shown that employee financial wellbeing significantly improves employee productivity, and that this relationship is mediated by employee happiness.

Facilitating improved financial health for the workforce

Many organisations place even more emphasis on physical and mental health for employees than their teams do. Yet there’s a 42 point gap in how much emphasis employers place on financial wellbeing compared to how much workers think is needed (17 percent vs. 59 percent). Moreover, 59 percent of employees want more help with financial wellbeing.

Financial wellbeing bolsters holistic health, supporting employee engagement. As such, employers can offer a variety of programmes to their employees, including group savings plans, workshops, seminars and online resources that help improve employee financial literacy. For employees, the feeling of being in control of their financial possibilities increases their satisfaction and participation levels.

Take a holistic approach to employee health with TELUS Health

TELUS Health EAP includes access to financial assistance support, while TELUS Health Learning supports wellbeing and skill development in a variety of formats to help improve employee performance, productivity and overall organisational effectiveness.

Learn more about the other factors and facets of holistic health, and how TELUS Health supports both employers and employees.