Canadians look forward to retirement as a time when they can spend their days as they wish—visiting loved ones and friends, pursuing lifelong interests, perhaps taking on a part-time job or beginning a new enterprise on their own schedule. However, today’s working Canadians who are finding it difficult to build their savings are worried about having enough money to enjoy retirement when that time comes.

This concern was highlighted in the latest RBC Workplace Realities Poll, which found that, although three-quarters (75 per cent) of employers surveyed believe their employees are prepared for retirement, less than half (46 per cent) of employees who responded agree.

One of the reasons this disconnect exists is the unpredictability of today’s economy, explains Kristin Dolynski, vice-president and national head, RBC Group Advantage. “This uncertainty is having an impact on the ability of employees to manage their day-to-day expenses, let alone build their savings. As a result, it’s now more important than ever for employers to help employees feel more confident about their financial future.”

One way employers can do this, Dolynski adds, is by offering group savings programs that support financial wellness, giving their employees access to financial advice and educational resources to help them reach their retirement goals. Financial wellness programs can help employees understand the realities of retirement and provide practical advice to help them feel more prepared.

Financial Wellness in the Workplace

The poll found that financial wellness is a top priority for employees. Almost three-quarters (71 per cent) of the employees who were surveyed want group savings programs, and over one-third (39 per cent) want access to financial advisors, financial well-being resources and financial seminars/webinars.

Employers who were surveyed also recognize the power of providing group savings programs, with more than half responding that these programs are “vital” to attracting and retaining top talent.

When companies offer a comprehensive financial wellness program, this can not only reinforce employee retention and attraction, but also boost productivity and reduce absenteeism. “This helps create a productive, motivated workforce—a powerful competitive advantage for employers,” adds Dolynski.

RBC Group Advantage provides comprehensive group savings programs that offer employees in-person and virtual support through RBC’s vast network of advisors and extensive digital capabilities. By supporting financial education for their employees, employers can help increase awareness about the breadth of financial solutions available. In turn, this can help employees manage their money more effectively and set them on the path toward achieving financial wellness.

Helping Employees Meet Their Goals 

Dolynski also points out that supporting employees’ financial well-being isn’t just good for people—it’s good for business. “We reinforce for employers the strong link between employee financial wellness and a company’s bottom-line performance. When organizations invest in helping their employees prepare for the future, they build a more engaged, productive and loyal workforce.”

“What this all comes down to is simple,” she adds. “By investing in the financial wellness of their employees, employers are in fact investing in the success of their business.”

Learn more about what RBC Group Advantage offers businesses at rbc.com/groupadvantage.

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