On the Horizon: New Financial Wellness Benefits

We’ve looked at how to build a financial wellness program along with some basic tools you can offer to your people – but there’s much more out there. Some incredible new benefits trends have emerged in recent years that are geared toward enhancing financial well-being in creative and novel ways that, quite frankly, I’m pretty excited about. While some of these might not be for everyone, they’ve been well received by many organizations.

1. Student Loan & Mortgage Repayment: Carrying debt can feel like a lifetime sentence – a recent study found that more Canadians anticipate that they’ll continue paying off their mortgage well into retirement, while the average Canadian student’s loan debt coming out of school can be nearly $30,000 before interest.

That financial weight and stress can translate to a disengaged workforce, but there are ways to support your people. One benefits provider has introduced a debt repayment solution that enables employees to access savings plan contributions that help them pay down mortgages or government student loans.

This can work really well for employers who already have a workplace savings plan (like a retirement savings plan) because they can redirect employer contributions that would have gone to the RRSP toward this debt relief benefit.

2. Pocket Financial Coach: We’re also starting to see some really unique tech solutions in the marketplace that take financial education and resources to the next level. One particularly interesting solution for employers is a total compensation module that connects to their HRIS so they can access a transparent and competitive way of sharing their compensation package with employees.

It's a promising retention tool in that it captures the total value of benefits and rewards in an organization to give employees the full financial picture of what they get from an employer beyond their salary.

This solution also provides employees with a wealth of financial well-being tools designed to help them manage finances, set goals, and stay on track for a more secure financial future. Access to a financial planner is also included to further support employees with expert input that is geared toward their specific needs and goals.

These cutting-edge benefits and tools are being adopted by more and more employers as financial well-being begins to take centre stage in their workplace wellness strategy. Interested in learning more? Connect with Shannon to discuss!