The latest in employee health: November 2024
November marks Financial Literacy Month, and this year's theme is focused around destigmatizing conversations about money. While discussing finances may remain a taboo topic for some, financial wellbeing is an important, but often overlooked aspect of our overall health and wellbeing. Financial Literacy Month serves as a reminder of the importance in understanding and prioritizing our financial wellbeing.
In this month's edition of our newsletter, we take a deeper look into why financial literacy matters, and how employers can bridge the gap in financial literacy to benefit both the health of their workforce and their organization.
Plus, learn how our very own Mijana Germanski, Marketing Manager for TELUS Health Retirement and Benefits Solutions, is helping to improve the financial health and wellbeing of employees around the world.
Financial literacy awareness in Canada: empowering employee wellbeing through financial education
Financial literacy is increasingly recognized as a key pillar of employee wellbeing, particularly as it relates to retirement and investment planning. For organizations, building financial literacy awareness among employees can have a significant impact — not only on their workforce’s personal financial health but also on their overall productivity and engagement.
Why financial literacy matters
The financial landscape is constantly evolving, with rising costs of living, complex investment options, and changes in pension structures creating a challenging environment for employees. Without a strong foundation in financial literacy, many Canadians find it difficult to make confident financial decisions that impact both their present and future wellbeing.
Last year’s TELUS Health Financial Wellbeing special report underscores the need for greater financial literacy and education: 25 per cent of Canadian workers are concerned about their retirement readiness, while 30 per cent prioritize financial planning resources within their benefits plans. Many employees feel that having access to employer-sponsored retirement savings options would strengthen their financial confidence and control, highlighting the role of organizations in supporting financial education.
The role of organizations in supporting financial literacy
Forward-thinking organizations understand that financial wellbeing is an integral part of overall employee wellbeing. By providing resources and education on retirement planning and investment management, organizations not only help employees gain confidence in their financial decisions but also demonstrate a commitment to their long-term success. In practice, this might include offering workshops on retirement and investment fundamentals, creating accessible resources on retirement savings strategies, or using digital tools to visualize future financial scenarios.
Benefits of financial education for organizations and employees
Investing in financial literacy programs brings measurable benefits to both employees and employers. For employees, increased financial literacy can mean a better understanding of investment options, retirement plan structures, and the confidence to make well-informed decisions about their financial future. This, in turn, can lead to reduced financial stress, improved focus at work, and a greater sense of personal control over their financial wellbeing.
For organizations, supporting financial literacy helps cultivate a workforce that’s more financially resilient and engaged. Employees who are confident in their financial planning are less likely to experience financial stress, which has been shown to impact productivity and mental health. Furthermore, when organizations offer retirement and investment resources, they boost their reputation as supportive, caring employers — a key factor in attracting and retaining top talent.
The future of financial literacy in the workplace
As we look ahead, there is a growing need for financial literacy programs that are tailored to meet employees where they are. This means leveraging digital tools that provide personalized insights, offering ongoing education that evolves with economic changes, and fostering an open environment where employees feel comfortable asking financial questions. Organizations across Canada have an opportunity to lead the way in supporting financial literacy, and by extension, the financial resilience and wellbeing of their workforce.
Creating a lasting impact
Financial literacy isn’t just an individual responsibility — it’s a collective opportunity. By prioritizing financial education in the workplace, organizations in Canada can make a lasting impact on the lives of their employees, equipping them with the skills and confidence needed to plan for retirement, invest wisely, and thrive financially. With resources, guidance, and support, employers can bridge the gap in financial literacy and empower a financially healthier workforce for the future.
Want to learn more about how TELUS Health can help support the financial health of employees? Visit our retirement and savings plan administration page for more information. To help empower financial literacy through tools like financial and retirement wellbeing seminars, learn more about our personalized consulting services.
Get to know the TELUS Health team: Mijana Germanski
Meet Mijana Germanski, Marketing Manager for TELUS Health Retirements and Benefits Solutions. Her role is to find innovative ways to communicate to organizations about how TELUS Health’s RBS solutions are improving the financial health and wellbeing of organizations and employees around the world.
Q: Mijana, can you start by telling us what inspired you to join TELUS Health? And how long you’ve been a part of the team?
A: I was originally a part of the LifeWorks team supporting the retirement consulting practice prior to the acquisition. I am also what many call a “boomerang” as I used to work for the organization when they were Morneau Shepell from 2014-2016. It’s been just over two years since I’ve “boomeranged” my way back and I couldn’t be happier. I’ve had my fair share of working for various organizations and what drove me to TELUS Health was the focus on impact. I truly feel, through my marketing efforts, that I am impacting not only my internal colleagues in growing our professional relationships, but also our external audience by providing valuable education and insights into the amazing things our line of business is doing alongside others.
Q: It’s rewarding to know that through your marketing efforts, you’re improving the financial wellbeing of employees and organizations across the world. What would you say your favourite part of your role is?
A: The amazing colleagues that I have as well as the richness of information that I continue to learn every day.
Q: Our colleagues certainly make our roles rewarding! How do you think that the Retirement and Benefits portfolio of services is positively impacting the lives of individuals?
A: My goal is to create stories through our marketing initiatives that ultimately empower organizations to feel confident about the decisions they are making for their employees. Whether that be mental, physical, financial or overall total health, the work I do on a daily basis with my colleagues is always done with the objective to help these organizations achieve the best employee wellbeing experience.
Q: Ensuring that employees have the best wellbeing experience is one of TELUS Health’s key priorities. How else do you feel that you and your team are helping achieve TELUS Heath’s ultimate goal of creating healthier workplaces and communities?
A: For over five decades, our retirement and benefit administration services have helped improve financial health and wellbeing for thousands of organizations and their employees. My role has allowed me to go above and beyond in delivering impactful marketing initiatives that have helped to establish innovative, sustainable, and flexible services for our clients and their working communities.
Q: Finally, Mijana, how do TELUS’ values resonate with you, and support your personal health and wellbeing?
I am being very honest when I say that I have never felt more balanced than I do right now. By working at TELUS Health, I feel respected as a professional but also as a mother who has two “little friends” that keep her very busy. TELUS Health continues to lead with purpose, and I’ve never felt more connected to an organization’s vision than I do here. It’s been a journey to find my calling but I truly feel that it is here.
Visit our website to learn more about how TELUS Health supports the health and wellbeing of employees.