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Small businesses and big impact: Exploring employee financial wellness tools for small businesses 

October 15, 2025
Sara Maginn Pacella

“Small but mighty” is a well-known phrase. It can readily apply to the majority of Canadian businesses. According to a recent Key Small Business Statistics Report published by the Government of Canada, 97.8 per cent of Canadian businesses (1.19 million) are considered small businesses with one to 99 paid employees.

Most Canadian businesses lack the resources to implement costly programs; however, that shouldn’t prevent them from supporting their employees. Affordable, innovative solutions offer a practical way for organizations to enhance employee well-being, especially through financial literacy initiatives.

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Why is financial literacy important? 

There has been an increase in demand for financial literacy. Canadian school boards have adopted a curriculum that aims to teach children valuable financial literacy skills. In promoting financial literacy curriculum the Government of Ontario says, “Students need to develop broader skills in problem solving, research and inquiry, decision-making, critical thinking and critical literacy related to financial issues, so that they can analyze and manage the risks that accompany various financial choices.” This sentiment applies to all of us.

The benefits of increasing our financial knowledge include:

  • Ability to cope with the basics of spending, saving, borrowing and planning;
  • Strong foundation for making informed personal and business budget and financial planning decisions;
  • Financial emergency preparedness and reduced financial stress; and
  • Improved decision-making confidence related to financial matters.

How does financial literacy matter to businesses?

When people are focused on stressors, such as constant worry about collection calls or not being able to make their next mortgage payment, they won’t be giving their best because they will be distracted. They are also statistically more likely to call in sick due to related illnesses or take on side hustles to make ends meet.

In addition to the bottom line, treating your staff well leads to the attraction and retention of top-tier employees. It promotes a positive culture and improves employee satisfaction.

” Simply implementing financial wellness programs is not enough. Needs change just as employee demographics do. Turnover and time can lead to an evolution in the programs required for staff. ”

Early financial wellness research begins with your employees

Before investing in financial wellness platforms or other benefits programs, it is crucial to survey your employees about the programs they want and how they would utilize them. This will lead to better employee engagement and ensure that funds are allocated to target programs that are meaningful, particularly for organizations with limited budgets.

Best wellness platforms for small businesses 

While there are many free financial wellness resources and education opportunities available that can be promoted to staff, many organizations are seeking out more formalized programs.

Organizations will want to conduct their own research, likely starting with their current benefits provider, to determine what is available and how it can meet their needs and budgets.

Below is a snapshot of some of the financial wellness products available from various providers.*

  • Mercer offers a three-pillar financial wellness program that includes curated financial wellness education, learning tools and resources and one-on-one support for those in need.
  • Canada Life offers employer savings benefits programs to help employees save for significant life events, such as education and retirement, and can customize plans to meet the organization’s needs. They also have an educational blog that covers many financial wellness topics.
  • BFL Canada has customized wellness solutions that include financial wellness assessments and mental health support and coaching to help your employees lead healthier lives.
  • Manulife offers a financial wellness report to give insight into employee wellness and highlight areas that require further attention for qualifying plan sponsors, provided at least 25 members complete the assessment.

*Note this is not an endorsement of any particular service or program, just a sampling of programs available.

What about financial wellness software and mobile learning apps?

David Sorreluz, senior sales director at Moneythor, wrote on LinkedIn about the possibilities of banks and other financial institutions taking a lesson from gamified learning platforms for enhancing financial literacy, like Duolingo does for language. Employers could purchase memberships for staff, and people could remain motivated to work toward learning and meeting financial goals, as Sorreluz suggested, via progress tracking and levels, encouraging consistency through daily learning streaks, rewards and leaderboards to promote healthy competition.

While there are many such programs in the seed stage right now, some targeting high school students and others targeting adults, it would be helpful for interested parties to speak to their providers to express interest in financial education from accredited sources.

Research, Re-evaluate, Repeat

Simply implementing financial wellness programs is not enough. Needs change just as employee demographics do. Turnover and time can lead to an evolution in the programs required for staff. For example, staff who sought financial wellness education about budgeting to start a family ten years ago may now require information on post-secondary education or retirement savings.

Regular surveys and monitoring of employee engagement rates for any employee benefits will ensure that what you offer is meaningful to the people who matter the most, your staff.

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