Multi-generational financial wellness: Offering workplace programs that can work for everyone

January 22, 2026

Drew Maginn

With up to five different generations represented in today’s workforce, employers are expected to offer inclusive employee financial wellness benefits for all age groups. This means creating a financial wellness program that supports baby boomers, millennials and Gen Z in the workplace. While this may feel a bit unrealistic to achieve, it might be easier than you think. By taking time to understand the differences and similarities between these groups, you can find something for everyone and offer a benefits program that succeeds in supporting multi-generational financial wellbeing at work.

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By the numbers: Understanding financial wellness programs across generations

According to a recent Ipsos poll, financial behaviours vary across generations, depending if they are seasoned (baby boomers, Gen X), mid-career (millennials) or new professionals (Gen Z). These behaviours include differences in areas like the below.

Confidence: While the majority of Canadians (79 per cent) feel confident making independent financial decisions, this confidence is highest among baby boomers (84 per cent) and lowest among Gen Z (70 per cent).
Investment anxiety: Investment or “stock market” anxiety impacts 69 per cent of Canadians. But concern for market fluctuations is highest among Gen Z (79 per cent) and lowest among baby boomers (64 per cent).
Risk tolerance: A person’s approach to managing finances is often connected to childhood influences. Baby boomers report being brought up to plan for the long term and prioritize saving over investing. Alternately, younger generations (millennials, Gen Z) were more likely to be encouraged to adopt a risk-taking attitude when investing to grow their wealth.

While these behaviours are not necessarily set in stone, they do demonstrate key tendencies to be kept top of mind, as almost all employees (91 per cent) agree that financial advice should be personalized by generation and life stage.

” People entering retirement are increasingly choosing to give ‘living inheritances’ if they can afford it. They want to enjoy seeing their loved ones benefit from the money now and use it in ways that genuinely add to their happiness ”

From boomers to Gen Z: Building a financial wellness strategy for diverse generations

With such a large age gap between employees, trying to find common ground can be challenging. It often starts by including core components in your program that benefit everyone. Brittany Wolff, investment advisor and associate portfolio manager, explains: “Financial literacy should be a core part of any financial wellness program. When people understand why they’re making certain financial decisions, it can be incredibly empowering. It’s also important to highlight the value of ongoing support throughout someone’s financial journey. For example, a financial advisor isn’t just for those nearing retirement or managing large investment portfolios, as their guidance can be helpful at every stage to ensure they’re making the right decisions at the right time.”

Additional considerations for your program could include the following.

Understanding shared areas of interest across all generations: While the context and motivation for learning might be different, employees at all ages are looking for support in foundational areas including investing, budgeting and saving, retirement planning and understanding credit, debt and taxes. Specific employee characteristics (e.g., life stage, income, literacy level) can then be used to explore learning opportunities in each of these areas that consider a variety of perspectives.

Offering entry points for different learning styles: Different generations of learners tend to gravitate to what they know best. Financial wellness programs that go all in on one approach to learning will likely alienate some members of their workforce. This means offering of mix of different supports (e.g., self-directed resources, digital tools, direct advice from financial experts) is a must to make sure no one feels left out.
Acknowledging that generational biases could exist: Ipsos reports that Gen Z and millennials are the groups most likely to say that financial advice from older generations is less relevant in today’s context. While these biases may not be fair or accurate, it is worthwhile to consider who is providing the information – especially if you find that your employees are more receptive to advice from individuals they believe more closely connected to their generation and life stage.

But is it working? How to measure impact of financial wellness programs for multi-generational employees

When it comes to measuring the success of your financial wellness program, there is often more to the story beyond simply tracking the number of employees accessing your benefits. It means understanding the goals of your employees and whether they’re being met. Wolff reminds us that also includes understanding shifts in priorities for individuals at different life stages: “People entering retirement are increasingly choosing to give ‘living inheritances’ if they can afford it. They want to enjoy seeing their loved ones benefit from the money now and use it in ways that genuinely add to their happiness. Many middle-aged individuals are prioritizing travel savings earlier in life. They’d rather explore the world while they’re still healthy and active, instead of holding off until retirement. And younger adults are keen to take advantage of available investment tools like the First Home Savings Account or the Home Buyers’ Plan to move closer to their goal of buying their first home. These accounts are becoming an important part of how they plan and save for home ownership.”

When offering financial wellness information across different generations, remember that these programs are always a work in progress. While it’s true that workers from each generation prioritize different areas of their financial health, that doesn’t mean that you can’t support them along the way. Regardless of age, all employees appreciate an organization that does all it can to help them reach their financial goals.

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