How to Improve Your Employees’ Financial Wellness

Financial wellness is key to building and retaining a strong workforce. Here’s how a group savings program can help.

In today’s challenging economy, Canadians seek ways to stretch their hard-earned dollars and minimize financial strain. But learning how to make the most of every paycheque isn’t always clear or easy, which can cause added stress. Employers can help empower their employees to achieve financial wellness—while boosting their own ability to attract and retain talent—with a group savings program.

Employers can help employees plan for their future; whether it’s for homeownership, retirement or their child’s education—there’s a group savings plan for every financial goal. To achieve this, employers can benefit from a well-tailored program with a comprehensive registered pension or retirement savings plan customized to the needs of their business and their employees.

Financial planning made easy

“A key aspect of the support we provide is access to financial advice and guidance from an extensive network of professionals to fit employers’ business needs,” says RBC Group Advantage vice-president Doug Crowe. RBC Group Advantage provides a simple plan setup and implementation, along with ongoing administration via a secure portal, allowing companies to put their focus on what really matters: helping employees optimize their financial health.

As Canadians adjust to increased borrowing costs, grocery bills and rent, it can be challenging to cover daily expenses while still saving for retirement and longer-term goals. This can make prioritizing a personal financial plan a hard sell, especially without the proper guidance and expertise. With an
RBC Group Advantage program, members receive simple and practical advice based on their unique objectives to help them shape their financial future. Its hallmark one-on-one support ensures each individual is armed with the knowledge to set financial goals confidently—and the resources to reach them.

The added advantages of a group savings program

Research shows that 72 per cent of employees experiencing stress are looking for support from their employers. RBC’s advice capabilities can help relieve this strain. RBC offers access to MyAdvisor—a digital advice platform that shows clients all their savings and investments in one place, even accounts outside RBC. “They get a personalized savings plan, helpful tips, real-time visuals and forecasts to help them stay on top of their money and reach their goals,” explains Crowe.

It’s understandable that making investment decisions may be overwhelming. Having a financial ally who helps demystify this process by presenting plan members with a select number of high-quality investment choices and portfolio solutions makes the process seamless. Further, employees can make regular contributions directly to the plan through their payroll with pre-tax dollars. “We provide one-on-one financial advice during all life stages and through a variety of convenient channels,” adds Crowe. “Our personalized advice promotes employee participation to help them maximize their group program and achieve financial wellness.” As more employees are seeking workplace wellness as a priority, exclusive support for mental health, physical wellness and access to financial experts are top of mind. RBC Group Advantage also offers an online resource hub—Workplace Wellness—that is dedicated to improving the overall well-being for plan members.

Companies that prioritize employee wellness often experience the benefits of a more productive and satisfied workforce. “Industry research has shown that more than half of the companies that offer wellness plans have reported a decrease in absenteeism and even greater percentages of financial sustainability, productivity and employee satisfaction,” says Crowe.

There’s no better time for employers to invest in employees’ financial well-being with a custom group savings program that prioritizes overall employee wellness. You can learn how a team of dedicated RBC Group Advantage advisors can help you set up a new plan for your employees or transfer an existing plan, by visiting the RBC Group Advantage homepage here.   

This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. The information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.