Money on the Mind: Financial Wellness and Its Impacts on Individuals, Business, and Society

Financial wellness is a growing concern for Canadian organizations. When employees experience stress about their financial affairs, they may become less engaged and productive, making it harder for organizations to reach their goals. Some employers offer programs to help employees address their financial wellness. These programs may ultimately reduce absenteeism and turnover, and increase employee satisfaction and engagement. However, to design effective financial wellness programs and measure their impact, organizations need to understand exactly what affects financial wellness and how to direct efforts to those areas. This briefing provides a snapshot of the financial behaviours of Canadians and explores the connections among financial literacy, financial behaviour, and financial wellness. It examines the impact of different demographic and socio-economic characteristics—including, age, gender, geography, and income—on financial literacy, behaviour, and wellness. It also introduces the connection between financial wellness and mental and physical health.