Financial education and support in the workplace: Building trust and engagement
Welcome to the spring edition of GO with Eckler. For many Canadians, after hibernating over the winter months, spring is the season we resolve to work on our “to-do” lists. Whether it be cleaning up the garden, washing windows, organizing the closets, or getting finances in order. When it comes to getting finances in order, however, things can be a little trickier.
The 2025 Financial Stress Index by FP Canada showed that nearly 60% of Canadians do not currently work with a financial planner1 and those who do work with one, tend to be older with higher incomes. Yet, according to the Index, money is the number one stressor for Canadians, especially those between 18-54 years of age and with incomes below $100k. With almost half of Canadians losing sleep over money, it’s no surprise that the research shows financial stress has a significant impact on your employees’ performance at work1 – and your bottom line. Against this backdrop, in a world where we are increasingly knowledgeable about cyber security, many Canadians are concerned about who they give their financial information to and about how that information will be used.
Financial education and tools delivered through the workplace can make a significant difference in employee wellbeing. Who provides that information, however, is critical. In an Eckler survey2 on financial wellness in the workplace, 90% of employees said they want to receive financial education from an unbiased source. As an employer, you can fill that role. In fact, the same survey showed 80% of employees wanted some form of financial education at work.
Maintain separation
Even as an unbiased source of financial education and information, employees and members may still be reluctant to share too much personal information with their employer. In your role as a trusted source, you can help alleviate those concerns by working with an independent third-party who is separate and distinct from you.
Who that third-party is, matters too. It’s important that employees understand how their information may be used and how the third-party is being paid. An unbiased perspective is critical to delivering information and advice that’s focused solely on the needs of the person seeking that advice. It’s also vital to build trust. It means that the provider is not directly selling services or products that are typically associated with financial institutions like educational funds, investment or insurance products and advice, for example.
While your third-party provider should be aware of the products and services that support your employees’ financial wellness objectives, they should be focused on your employees’ financial wellbeing, not on selling those products or services. Clear communication about who is providing the financial education and support, how they are paid, and why you are offering the services, goes a long way to building employee trust and engagement.
Overcome perceived obstacles
Many employers struggle with their role in providing education and advice. In the recent FP Canada survey, respondents shared that three of the main obstacles to taking control of their financial situation were not knowing where to start, not knowing where to go to find reliable financial advice and having limited access to financial tools and/or resources. The result? A lack of confidence in their ability to make sound financial decisions. In fact, the Index showed that for nearly half of respondents, this lack of confidence has deterred them from taking action.
It’s clear that even basic education on financial management (how to create a budget and manage debt, for example), can be a valuable support for employees. For employers who may be struggling with how to balance financial education and advice, providing access to foundational money management education and tools through a third-party, can be an excellent opportunity to support your employees through another trusted source.
Partner with an expert
Expertise and experience counts! Partnering with a provider who has specific expertise and experience working with companies to develop workplace financial wellness programs is critical to success – for both the organization and its employees.
In addition to being accredited and objective, a third-party provider should:
- Understand how to teach adults
- Help assess employee needs
- Know how to develop and measure program objectives and success factors
- Be able to deliver a program that works with an organization’s existing communication channels and approach
- Provide the tools and support employees need to plan for – and achieve – their financial goals
Lifelong learning and support through accurate, unbiased information is vital to help all Canadians achieve financial security. Last year, Eckler delivered financial education to more than 16,000 Canadians through workplace programs. Employees told us education delivered by a financial wellness consultant:
- Reduced their financial stress
- Empowered them to change their financial situation
- Gave them a better understanding of financial planning concepts
As an employer, and a trusted source of information, you can play a central role in supporting employees throughout their entire financial wellness journey. Feedback from those we have helped confirms it: financial education at work, works! Improving financial wellness helps your employees remain focused at work, retire when they want to, and remain confident that they are getting the best advice from trusted sources who are not looking for anything other than supporting their financial wellbeing.
GO with Eckler is a quarterly newsletter to help employers and plan sponsors support financial wellness for their employees and plan members. If you would like to learn more about how to support employee financial wellness at work, please contact your Eckler consultant.
¹Financial Stress Index 2025, FP Canada
²2019 Eckler Survey on Financial Wellness in the Workplace
To find out more, contact our financial wellness team.
