Younger employees are facing greater financial concerns and stress than older generations at work

It’s no secret that there are generational differences in the workplace. A recent RBC Workplace Realities Poll found that younger employees were more concerned about their financial wellbeing (78 percent of Gen Z and 68 percent of Millennials) compared to previous generations (58 percent for Gen X and 50 percent for Baby Boomers). Younger employees also reported higher stress levels, which led to increased absenteeism.

“Today’s higher cost of living is playing a key role in those heightened stress levels and concerns, especially among younger generations,” says Tara Brown, vice president, RBC Group Advantage, B.C. “While they have a longer ‘runway’ to accumulate savings and grow them by investing, right now younger generations are finding it challenging to set aside any savings.”

As this pressure continues to mount, there’s a greater need for enhanced support and resources—including retirement planning—to help nurture financial wellbeing and help reduce workplace stress. Access to financial advisors, educational webinars and wellbeing resources, as well as making a wide range of investment solutions available, can help younger generations in the workplace take proactive steps to secure their financial future.

This is where employers come in. “By fostering a culture of wellbeing and making it convenient for employees to tap into financial advice when needed, employers have the opportunity to create a more productive and engaged workforce,” Brown explains. “We help employers do just that, by providing a comprehensive program that delivers financial wellness, including retirement planning, budgeting and strategies for successful saving toward their goals.”

In addition, by providing a program that helps take care of the financial needs of employees, RBC Group Advantage reinforces a competitive advantage for employers.

“We help employers retain their best employees by delivering financial solutions that enhance their overall employee benefits package, and are tailored to their employees and their business,” Brown says. “We create value through our team of RBC professionals who are readily available to offer personalized advice, in person or virtually, supported by our leading digital capabilities.”

Brown also emphasizes that wellbeing resources and financial education opportunities are mutually beneficial for employers and employees. “By supporting financial wellbeing for your employees and helping them build a stronger financial future, you’re also building a stronger business,” Brown says. “The two go hand-in-hand.”

Learn more at 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.