In a Nutshell: Blog Highlights
Financial stress is now one of the biggest productivity challenges facing Canadian workplaces, and many employers don’t realize how deeply it affects focus, engagement, and retention. A strong group retirement savings plan can play a powerful role in reducing that stress and helping employees feel more secure, supported, and capable of doing their best work.
This blog explores how enhancing your group retirement plan can improve productivity and workplace well-being. It outlines:
- How financial stress shows up at work through distraction, absenteeism, and reduced engagement.
- Why a well-designed group retirement plan that is supported by education, advice, and competitive employer contributions builds confidence and reduces anxiety.
- Practical steps employers can take to strengthen their plan, from improving communication to offering holistic financial wellness tools.
- Why supporting long-term financial security leads to better focus, stronger loyalty, and a healthier, more productive workplace.
At its core, this is about care: employers who invest in financial wellness create environments where people can thrive today while building confidence for tomorrow.
The Deeper Dive
As an employer, you’ve likely noticed it: employees today are carrying more financial worry than ever. Rising living costs, debt, interest rates, and uncertainty about retirement are weighing heavily on people - and those worries don’t stay at home. They show up at work in the form of distraction, reduced productivity, and increased absenteeism.
The Financial Consumer Agency of Canada (FCAC) reports that money worries are the number-one source of stress for Canadians, affecting everything from physical health to workplace focus1.
A recent survey found:
- 65% of employees feel stressed about their finances, and
- 27% say that stress directly affects their productivity at work2
Western University researchers estimate this stress is costing employers nearly $70 billion in lost productivity annually3. For employers competing for talent and striving for efficiency, this has become a business-critical issue.
Why Financial Stress Impacts Job Performance
When employees are overwhelmed by financial concerns, be it about debt, daily expenses, or being unprepared for retirement, their cognitive load increases. The FCAC notes that workers with financial stress are more likely to experience health problems, sleep issues, and difficulty concentrating4. This often leads to:
- Lower focus and productivity
- Poorer decision-making
- Conflicts or disengagement
- More sick days
- Higher turnover
Simply put: financial stress is an obstacle standing between your employees and their best work.
How a Strong Group Retirement Plan Helps
A well-designed group retirement savings plan is one of the most effective tools employers have to reduce financial stress and, in turn, improve productivity. Here’s why:
- It gives employees peace of mind about the future.
Retirement uncertainty is a major source of anxiety. When employees feel confident they’re on track, they can bring more focus and energy to their day-to-day responsibilities.
- Employer contributions build loyalty and engagement.
Matching programs - even modest ones - signal to employees that you care about their long-term well-being. That sense of support translates into stronger engagement and retention.
- Education and advice improve financial confidence.
When employees understand their plan and have access to planning tools or one-on-one guidance, they feel more in control. That reduced stress shows up in better performance.
- Smart plan design reduces decision fatigue.
Features like default contribution rates or streamlined fund choices eliminate the confusion employees often feel when saving for retirement.
Employers who invest in retirement programs see measurable results. In HOOPP’s national employer survey, organizations that enhanced retirement benefits were far more likely to report improvements in productivity and employee well-being5.
Practical Ways to Strengthen Your Plan
If you’re looking to reduce financial stress in your workplace and improve performance, consider these employer-focused strategies:
- Review your plan design for competitiveness.
Is your match aligned with market trends? Are you offering both RRSP and TFSA options? A plan that meets employees’ diverse needs increases participation and reduces stress.- Wiegers Financial & Benefits utilizes comprehensive benchmarking tools to help you see how your group retirement (and benefits) plan measures up in today’s competitive landscape. You can instantly compare your plan to those offered by more than 15,000 Canadian employers across industry sectors, regions, and company sizes. We also provide a complimentary group retirement plan evaluation, complete with benchmarking insights and practical recommendations, to help you strengthen your plan and support your employees’ financial futures. Click here to get started in just three easy steps.
- Enhance your communication strategy.
Make sure your employees clearly understand what’s offered and how it benefits them. Clear communication increases engagement dramatically.
- Pair retirement savings with financial wellness tools.
Emergency savings accounts, budgeting tools, or access to financial education can help employees manage both short-term and long-term financial demands6.- Our Financial Literacy Video Series reinforces this support by giving employees easy-to-understand guidance on topics like saving, investing, debt management, and retirement planning. By offering practical education in a simple, accessible format, you help employees build confidence and make better financial decisions both at work and at home.
- Offer one-on-one support through your Group Retirement Services consultant.
Personalized guidance builds employee confidence, which is one of the strongest antidotes to financial stress.
The Bottom Line for Employers
Investing in your group retirement plan isn’t just about helping employees retire well; it’s about helping them work well today. When employees feel financially secure, they are:
- More focused
- More productive
- More loyal
- More engaged
And when employers proactively support financial wellness, they strengthen culture, improve retention, and create workplaces where people can truly perform at their best.
Financial stress may be a growing challenge across Canada but with the right retirement plan strategy, your organization can lead the way in supporting healthier, more productive employees.
To learn more, please contact us.
1 https://www.canada.ca/en/financial-consumer-agency/services/financial-wellness-work/why.html
2 https://www.benefitscanada.com/benefits/health-wellness/27-of-canadian-employees-say-financial-stress-impacts-productivity-survey/
3 https://news.westernu.ca/2025/10/emergency-savings-accounts/
4 https://www.canada.ca/en/financial-consumer-agency/services/financial-wellness-work/why.html
5 https://hoopp.com/news-and-insights/research-and-analysis/2024-canadian-employer-pension-survey
6 https://financialwellnesslab.ca/initiative/emergency-savings-in-workplace/
- Danielle Roberge-Soke, B.Comm.
Group Retirement Consultant
