RBC surveys identified three harsh financial realities among British Columbians:

Over three-quarters (77%) would like to save more but can’t because of higher costs; nearly three in four (71%) are concerned about their ability to save for the future; and half (50%) report they’ve never been more stressed out about money.

Add to this that more than one-third of British Columbians don’t have an emergency fund, and it’s easy to understand how financial wellness is affecting employees’ mental health, personal relationships and overall stress levels.

While some employers have offered salary increases and bonuses as shorter-term incentives to combat the impact of inflation, the RBC Workplace Realities Poll found that employees are looking to their employers for more than a pay cheque.

“Almost one-quarter (24%) would like employers to provide access to financial advisors and to debt management services, to help guide the decisions they need to make about how to manage their money,” says Tara Brown, Vice President, RBC Group Advantage, BC. “In addition, 20% want employers to offer access to financial wellbeing resources.”

Shifting Focus

Employers and employees agree that companies have started to place a higher priority on both employee mental and financial wellbeing. However, there is still room to grow. The RBC poll found that between 25% to 30% of employees are “very” or “extremely” stressed as they attempt to juggle work-life balance, inflation and higher costs—and meet everyday financial needs.

RBC Group Advantage helps employers deliver a comprehensive financial wellness program for their employees, supported by an extensive network of professionals, a wide range of financial solutions and digital capabilities.

“We take care of your business by taking care of your employees’ financial needs, from savings and investments to everyday banking and debt management,” Brown explains. “We work with you, from setting up a group savings program to gaining employee participation, to help you deliver solutions tailored to your business and your employees. In the process, this helps reinforce your competitive advantage.”

Meeting Financial Goals

With RBC Group Advantage, employees are empowered to plan and work toward their financial goals, guided by professional advice and supported by strong digital capabilities—including MyAdvisor, RBC’s digital advice platform.

“This can lead to a more present and productive workforce, with fewer sick or mental health days and less overall time off work due to financial stress,” Brown adds. “Our team offers employees dedicated, professional advice and support in the workplace and virtually.”

Discover more by visiting rbc.com/groupadvantage

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Disclaimer

This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. The information presented is believed to be factual and up to date, but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.