Let’s be honest for a second—how often do we actually think about how our health affects our bank account? Probably not enough.
We stress over bills, panic over rent, and daydream about retirement. But here’s the kicker: most of us never stop to connect how our physical and mental well-being can either make or break our financial future. Good health isn’t just about avoiding doctors or staying fit for your beach trip—it’s a serious financial asset. And poor health? It’s expensive not just for you but for your employer, your team, and the bigger economy.
You’ve probably seen it yourself—someone who’s sick more often than not, missing work, stressed about medication costs, falling behind on bills. It’s a cycle. And it’s not just happening to “other people.” It’s happening quietly in offices, warehouses, and Zoom calls across Canada.
Let’s dig into why this matters—and what it means for your job, your money, and your future.
Financial Stress: It’s Not Just About Being Broke
Do you ever lie awake at 3 AM, replaying every transaction in your bank account? Wondering if the rent, the groceries, and the surprise dentist bill can all fit into this week’s pay? That’s financial stress. And it’s suffocating.
The worst part? You show up to work the next day like nothing’s wrong. But something is wrong. You’re distracted, exhausted, and irritable. Your performance tanks, but no one sees the real reason. Meanwhile, your company loses hours of productivity, and they don’t even know it.
This isn’t rare. According to a 2024 Financial Well-Being Index, nearly 1 in 2 Canadians report financial stress severe enough to affect their job performance.
Let’s be clear: this is a business problem, not just a personal one.
Why Employers Should Stop Ignoring Employee Financial Health
Here’s the irony—employers spend thousands on wellness perks like gym memberships and fruit bowls. Yet, when asked about financial literacy or emergency savings support? Crickets.
That disconnect is costing them. Employees with poor financial health:
- Take more sick days
- File more disability claims
- Have lower engagement scores
- They are constantly scanning job boards
You can’t expect people to focus on deadlines when their credit card is maxed out, and they’re deciding between groceries or rent.
Forward-thinking companies are flipping the script. They’re offering real tools—debt coaching, early pay access, and budgeting support. Not because it’s trendy. But because it works.
Let’s Talk Dollars: How Good Health Boosts Your Wallet
Here’s a stat that might shock you. People in better physical health spend $2,000–$5,000 less annually on out-of-pocket healthcare expenses. That’s not just prescriptions and appointments—it’s insurance premiums, lost income from sick days, and even travel for medical care.
Want another? A 2023 BDC report shows that employees with fewer chronic health issues were 34% more likely to receive promotions or raises. Why? They show up. They perform. They’re ready.
That’s the money-health loop. Stay well, stay employed, and stay on track financially.
Financial Wellness Isn’t a Buzzword—It’s a Lifeline
Let’s be blunt: budgeting workshops alone don’t fix financial stress. You can’t “spreadsheet” your way out of crushing debt or burnout.
What works? Real, personalized help.
- Emergency savings contributions
- Mental health therapy is fully covered (not just a few sessions)
- One-on-one financial planning support
- Debt forgiveness or student loan repayment assistance
Imagine being able to sit down with someone who actually helps you restructure your debt, build a real savings buffer, and set up your retirement goals—all during work hours. That’s not a perk. That’s a game-changer.
Physical Health, Financial Health: Two Sides of the Same Coin
Here’s the domino effect no one talks about.
You get sick. You miss work. You lose income. Your bills pile up. You stress. You sleep less. You get sicker. Repeat.
It’s a financial spiral that starts with one bad flu, one missed check-up, and one delayed therapy session.
Now, imagine the opposite.
You eat well. You sleep better. You think clearly. You negotiate a raise. You start saving. You book that long-overdue dentist visit. You catch a problem early. You stay healthy.
That version of the loop? That’s the one we want to normalize.
The Hidden Costs of Financially Unwell Employees
Want to know what your stressed-out employees cost you?
Here’s a breakdown:
| Financial Stress Impact | Cost to Employer (Avg/Employee/Year) |
| Missed work | $750 |
| Healthcare claims | $550 |
| Lower productivity | $600 |
| Total | $1,900 |
Multiply that by 250 employees. You’re looking at $475,000/year.
That’s real money. And most of it is preventable.
One Company Got It Right—Here’s What Happened
Let’s talk about a tech company based in Vancouver. Mid-sized, 180 employees. Decent salary packages but high churn, especially among Gen Z hires.
Instead of assuming it was a generational issue, HR ran a financial stress audit.
Results? 67% of employees had no emergency savings. 42% had over $10K in credit card debt.
Here’s what they did:
- Offered a $500 employer-match emergency fund program
- Held monthly “Money and Mental Health” workshops
- Created opt-in weekly budgeting check-ins with financial coaches
12 months later?
- Retention up 19%
- Healthcare claims down 15%
- Glassdoor ratings are up by 1.2 stars
That’s the power of tackling financial wellness head-on.
What Today’s Workforce Actually Wants
Let’s get something straight—modern employees are not impressed by gimmicks. Free snacks are fine, but they don’t pay bills. What do people actually want in 2025?
- Flexibility, not just in hours but in benefits
- Support when it counts (like during a health crisis or financial emergency)
- Programs that feel like they were designed by someone who “gets it”
We’re talking about things like:
- Mental health coverage without a cap
- Access to financial counsellors on demand
- Real-time earned wage access
- Tuition reimbursement or student debt support
You know what they don’t want? More newsletters about “budgeting tips.” They want help. Real help. The kind that prevents the next financial disaster, not just talks about it in theory.
Making Financial Wellness Part of Company Culture
Most companies still treat financial wellness like an add-on. Optional. Peripheral. Tacked on at the end of open enrollment season.
But what if you built it into the fabric of your company?
What if, during onboarding, new hires learned how to access financial coaching right alongside their benefits tutorial? What if monthly team meetings included five-minute tips from an in-house financial advisor? What if managers were trained to spot signs of financial distress, not to judge, but to guide?
Culture doesn’t happen overnight. But it starts with intent.
And it pays off. Because people who feel financially safe? They stay. They perform. They grow.
The Financial Future of Your Team Depends on Your Choices Today
You don’t hear something in boardrooms enough: Employees aren’t just working for a paycheck. They’re working to build a future. A home. A family. Stability.
If your company doesn’t support that goal, they’ll find one that does.
The future of your workforce depends on whether you treat financial wellness as a checkbox or a commitment.
Because guess what? Gen Z isn’t tolerating toxic, under-supportive workplaces. Millennials aren’t willing to sacrifice their health for a salary anymore. Gen X? They’re tired of being sandwiched between student loans and elder care. Boomers? They need help making their retirement dollars stretch.
Support them, or lose them. It’s that simple.
Let’s Not Forget: Health Can Derail Finances—Fast
Have you ever had a medical emergency derail your budget? Even with coverage, the costs add up.
An ambulance ride. A specialist is not covered. Prescription copays. Lost wages.
It’s not just the cost—it’s the financial ripple effect. One major illness can lead to:
- Maxed-out credit cards
- Delayed mortgage or rent
- Drained savings
- Emotional burnout
And once that spiral starts, it’s hard to stop.
Preventive health coverage, mental health access, and financial backstops can stop this before it begins.
What Does Financial Security Look Like in Real Life?
It’s not yachts and luxury vacations. Financial security, for most people, looks like this:
- Paying bills without panic
- Going to the dentist without checking the bank app first
- Taking a vacation without going into debt
- Sleeping soundly, knowing your savings will cover a rainy day
Financial wellness isn’t about making more—it’s about reducing fear.
And fear is expensive. It holds people back from asking for a promotion. From changing careers. From investing in themselves.
When you help employees feel more secure, you give them something far more valuable than money: agency.
Okay, But What If You’re Not a Big Company With a Massive Budget?
Fair question.
You don’t need to be a tech giant to support your employees’ financial well-being.
Start small:
- Host a lunch-and-learn with a local credit union
- Offer an opt-in budgeting challenge with small incentives
- Create a Slack channel where employees can anonymously ask financial questions
- Share a vetted list of financial planning apps
It’s not about the dollar value—it’s about showing that you care. That you understand. That you’re listening.
Even $10/month per employee toward a savings match speaks volumes.
Let’s Talk About Productivity
It’s easy to get caught up in buzzwords like “engagement” and “culture.” But let’s be real—what’s at stake is productivity.
A focused employee is a productive employee.
And nothing kills focus like worrying about eviction, a bounced bill payment, or whether you can afford your kid’s field trip.
Here’s what financially secure employees do better:
- Show up on time
- Solve problems creatively
- Take initiative
- Stick around
You don’t need a psychology degree to understand why.
If your brain isn’t constantly screaming, “I’m not safe,” it’s free to do its job. To build. Create. Innovate.
That’s what businesses are missing when they ignore financial wellness: potential.
A Final Thought
Let’s stop pretending health and wealth are two separate topics.
They’re not.
They’re twins—inseparable, feeding into each other every single day. When one suffers, the other stumbles.
If you’re an employer, you have a choice: keep ignoring the quiet signals of financial stress in your team, or lean in and support them. Build programs that matter. Ask questions. Listen to answers. Be the place where people aren’t just surviving—but planning, dreaming, thriving.
If you’re an employee, know this: your health—mental, physical, financial—is worth fighting for. You deserve benefits that see the full picture of your life. Not just your productivity.
Because when people feel good, they do good. For themselves. For their families. For their companies.
That’s the real financial benefit of good health.
And it’s about time we made it a priority.