Making new connections: health, finances, and workplace engagement.
Post on 30-Dec-2015
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Mental health in the workplace
1 in 3 workplace disability claims are now related to mental illness1
Half of all workers in Canada say they have or have had a mental health issue
2
Almost 90% of employers identified stress as the most significant mental health concern
3
1. Sairenen, S., Mantzanke, D., Smeall, D. (2011)2. Conference Board of Canada (2011)3. Ceridian Workplace Wellness Survey (2013)
Sources of stress
Industry restructuring, a challenging economy and family/personal environment can all be sources of stress
However, almost 3 out of 4 Canadians are also carrying large amounts of debt1
The average Canadian owes $1.65 for every dollar of disposable income earned2
With consumer debt so high and mental health claims increasing, Manulife wanted to explore the links between employee financial stress, physical health and mental health to see how that affected performance on the job
1. CIBC Debt Poll, May 20122. Financial Post/Bloomberg News, Mar. 15, 2013
The 2014 Manulife/Ipsos Reid Health & Wealth Wellness Study
2000 working Canadians
Working 20+ hours
Ages 25-65
Half with plans
Varying income levels
Methodology
The “Financially Prepared” vs. the “Financially Unprepared”
Financially Prepared:
Has a financial plan
Has a debt management plan & appropriate level of debt
Saving sufficiently for retirement
Financially Unprepared:
No formal financial plans
High debt levels, maxing out credit, minimal savings
Not saving for retirement
Employee Engagement
Cares about their work and accomplishing company goals
Isn’t working just for the money, they truly want to be there
Engaged employees go the extra mile
Takeaway 1
There are strong links
between how financially
prepared an employee
feels, and how healthy,
engaged and productive
they are in the workplace.
Takeaway 1
The financially unprepared are:
MORE LIKELY TO BE LIVING PAYCHEQUE TO PAYCHEQUE
AS LIKELY TO BE HAVING DIFFICULTY MAKING ENDS MEET
MORE LIKELY TO BE DISTRESSED ABOUT FINANCES
GREATER LIKELIHOOD TO BE WORRIED ABOUT FINANCIAL STATE OF HEIRS
Takeaway 1
The financially unprepared are:
MORE LIKELY TO BE WORRIED ABOUT LACK OF EMERGENCY MONEY
MORE LIKELY TO MAX OUT CREDIT CARDS
LESS LIKELY TO HAVE A RETIREMENT SAVINGS GOAL
MORE LIKELY TO STRESS OVER LACK OF RETIREMENT PLAN
Takeaway 1
The financially prepared are:
MORE LIKELY TO BE ENGAGED AT WORK
MORE LIKELY TO BE ENJOYING THEIR WORK
MORE LIKELY TO SAY THEY’RE LEARNING NEW THINGS
MORE LIKELY TO BELIEVE OPINIONS ARE VALUED
MORE LIKELY TO FEEL SUPPORTED IN CAREER
MORE LIKELY TO SAY KNOWLEDGE AND SKILLS ARE USED
Takeaway 1
The financially prepared are:
MORE LIKELY TO BE MOTIVATED TO DO THEIR BEST
MORE LIKELY TO SAY THEY’RE PRODUCTIVE
Takeaway 2
There is a positive link between health and financial wellbeing.
Employees that are financially prepared are more likely to be healthier than those feeling unprepared.
Takeaway 2
Financial wellbeing and health
More likely to exercise 1+ hours weekly
More likely to identify as being very healthy
Takeaway 3
Having a workplace benefits and retirement savings plan is a way to become financially prepared.
Takeaway 3
MORE LIKELY TO BE FINANCIALLY PREPARED THAN THOSE WITHOUT PLANS
OF THOSE WITH WORKPLACE PLANS WERE FINANCIALLY PREPARED
OF THOSE WITHOUT WORKPLACE PLANS WERE FINANCIALLY PREPARED
MORE LIKELY TO HAVE A PERSONAL RETIREMENT SAVINGS PLAN
MORE LIKELY TO HAVE A PERSONAL DEBT MANAGEMENT PLAN
Individuals with both workplace benefits and retirement savings plans:
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