Building financial literacy in the workplace

September 11, 2025

Sara Maginn Pacella

Leading employers want to ensure the health of their staff because they care about them. They also want to help because it benefits their bottom line.

The Government of Canada states that employees in financial distress are twice as likely to report overall poor health and four times more likely to experience sleep problems, headaches and other serious illnesses.

HCM Podcast

Produced with Google Notebook LM Using AI Narration

Meanwhile, Canada’s Wellness Lab reports that “lost productivity due to employees worrying about personal finances is estimated to cost Canadian employers over $20 billion each year, or seven to 14 working days per year.” The Government of Canada confirms this, noting that financially stressed employees have been known to spend over three hours each week dealing with financial issues.

This is where building an effective financial wellness program can make a significant difference for employees and the overall success of a business.

How to implement financial wellness programs

Here are some basic, high-level steps to help launch and implement a financial wellness program in your organization.

Set goals and a budget for your program with the senior leadership/human capital management team.
Determine your employees’ needs and financial goals based on their demographics and internal surveys to build a meaningful program they will use. Depending on your audience, goals could include managing a budget, saving for a first-home, sabbatical or retirement, and more.
Seek out and review experts in the area of financial wellness to select the right fit based on your company (your current benefit provider may have discounts to go alongside your existing suite of services) and what topics and services they offer. If you don’t know where to start, consider looking at the benefits offered by comparable businesses in your industry or strategic partners. Don’t forget to seek out references from financial wellness program providers before finalizing your decision.
Utilize your human capital management (HCM) professional staff to communicate the program to your organization through various mediums (i.e., staff newsletters, email, postings in the breakroom, town halls and staff meetings, etc.).
Take the time to evaluate the results of the program and continually work to improve it.

” Employee financial wellness programs will take time to build and implement, but investing in your employees’ mental and financial wellness is critical to the long-term success of the people you rely on, and in turn, of your business. ”

Corporate financial wellness programs take time to make an impact

Financial wellness programs won’t be effective overnight. Progress in financial wellness beats perfection. A Dialogue Health Technologies Inc. survey of over 1,600 working Canadians revealed that only 24 per cent are satisfied with the financial planning benefits offered by their company. The Government of Canada suggests regular evaluation of any financial wellness program to measure the value and impact on employees and make improvements to the existing program.

Items that can be measured include employee satisfaction, program use and engagement and improved financial knowledge.

The Government of Canada resources also warn that financial wellness programs are not quick-fix solutions. “Research shows that it can take more than five years for a program to show sustainable positive results. Programs that have been in place for more than 10 years are most likely to be successful.”

Free financial wellness programs

Organizations without a budget to implement employee financial wellness programs can still support their employees by providing them with information on free local financial wellness programs in their area. Below are some examples of resources available to share with employees.

Government of Canada Resources

The Financial Consumer Agency of Canada provides online resources to enhance the financial literacy of Canadians. Their online resources include information that is important to Canadians including:

Budgeting and money management;
Paying down debt;
Saving;
Income taxes;
Retirement planning; and
Strategies toward financial wellness in the workplace.

The Financial Empowerment and Wellbeing Program (FEWP)

This YMCA program is available at six locations in the greater Toronto area and is funded in part by the Government of Canada. It offers free online videos, self-directed modules and personalized in-person and online workshops designed to enhance financial literacy in traditionally underserved communities. According to their webpage, to be eligible for this program, you must be at least 18 years old; a Canadian citizen, permanent resident or conventional refugee; and low-income, racialized and equity deserving.

Professional associations

Numerous professional associations offer free financial literacy training sessions, often delivered by member volunteers. Conducting a little research focused on your region and specific needs can help you find something that meets employee needs. Examples of organizations providing such services include:

The Canadian Investment Regulatory Organization’s (CIRO) free workshops at various Toronto Public Libraries;
Financial literacy training by request from CPA Canada; and
Debt education, budgeting and credit workshops offered nationwide by the Credit Counselling Society.

Conclusion

Employee financial wellness programs will take time to build and implement, but investing in your employees’ mental and financial wellness is critical to the long-term success of the people you rely on, and in turn, of your business.

What are your thoughts on