Financial stress:
The challenges.
Our solution.

Financial stress has repercussions on employees. Ongoing initiatives are needed if we want financial well-being to improve in the workplace.

Financial stress in the workplace

  • 69% of employees worry about their finances on the job.1

    Finances are the top cause of stress among employees. It ranks higher than work, health and relationship issues combined.2

  • 54% of companies include strategies to improve employees’ financial well-being.3

    Because well-being impacts company performance, investing in financial well-being services is now an established trend.

Employer’s challenges

Attracting and retaining employees and productivity are the major challenges for employers.

2021 – An ongoing trend

Surveys confirm it: Financial stress has increased since the pandemic started.

63% of employees say that their financial stress has increased since the start of the pandemic.2

This increased stress intensifies the challenges for employers.

Attraction and retention

72% of employees would be attracted to another company that cares more about their financial well-being then their current company.2

Financial stress impacts productivity in many ways:

  • Absenteeism
  • Errors and accidents
  • Lack of creativity, lack of engagement
  • Mental health problems

Productivity

The estimated cost of lost productivity in Canada is $20.3B1.

Our solution

Investing in financial well-being often involves the idea of ROI to justify the expense. Yet, calculating that ROI is far from an exact science.

So, employee engagement is instead used as the Key Performance Indicator(KPI) for employee-provided benefits or programs.

  • 87% of employees want help with their finances.2

  • In 2021, 88% of them used the financial well-being services offered by their employer.2

    A financial well-being program and solution must be accompanied by a deployment and support process.

Kaira,
the financial wellness app

Employees who use the app offered by their employer are motivated by:

  • Personalized digital coaching
  • Raised awareness of their financial behaviour
  • Empowerment
  • Support in reaching their financial goals

This has a positive effect on employee engagement and
reduces day-to-day financial stress.

Kaira Insight,
the business intelligence tool

Employers get a tool that provides several key indicators to see and understand employees’ needs, so they can support them in improving their financial well-being at work.

What’s best for the employees is best for the business.

1 The 12th Annual Canadian Payroll Association Survey of Working Canadians, September 2020.

2 PwC’s 10th Annual Employee Financial Wellness Survey, PwC US, 2021.

3 Working Well, AON’s 2021 Global Wellbeing Survey.

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