Top 4 findings (from the Manulife/Ipsos Reid Health & Wealth Wellness Study – 2014)

Based on the theory that health is wealth, Manulife Financial conducted research with Ipsos Reid to help their clients connect the dots between workplace productivity, health and financial wellness.  Below, they summarized the research into a few key findings:

1. Financially prepared employees are more engaged and productive in the workplace.

Employees feeling the stress of their personal financial situation are twice as likely to be distracted and unfocused at work, while those feeling financially prepared are:

  • Up to 22% more engaged in their workplace
  • 18% more likely to say they are motivated to do their best at work

2. Employees that are financially prepared are more likely to be healthier.

Anxiety over finances affects motivation—both in the workplace and in the ability to maintain a healthier lifestyle.  The financially prepared were:

  • almost 25% more likely to exercise one or more hours a week
  • 23% more likely to identify themselves as being very healthy

3. Having a workplace benefits and retirement savings plan is a way to become financially prepared.

We talked to a thousand Canadians with a benefits and retirement plan, and a thousand Canadians without any type of plan. Of those with workplace benefits and retirement savings plans:

  • 80% were financially prepared compared to 52% without plans
  • 70% more likely to have a debt management plan

4. Financial advisors improve the chances of being financially prepared.

Financial advisors influence behaviours and help their clients not only develop financial goals and plans, but to stick to them.  The financially prepared were:

  • five times more likely to be working with a financial advisor
  • three and a half times more likely to have set retirement goals

 

For over 20 years, Chris Pryce of Human Capital Benefits has been advising employers on all aspects of managing employee benefits programs and related products. If you have any questions, you can contact Chris at 416.924.8280 or by email at chrispryce@www.humancapitalbenefits.com