Consider this marker in time: November in Canada is a great time to take a look at your financial health. Why? It happens to be Financial Literacy Month. Officially speaking, the Financial Consumer Agency of Canada (FCAC) helps “coordinate efforts and increases collaboration between organizations from the private, public and non-profit sectors to strengthen the financial literacy of Canadians.”
But those are just words on a Government of Canada website. As an HR professional, or manager, or employer, or member of any organization that cares about its employees, you have a duty to ensure the financial health of your employees as much as you do to consider their physical and mental health. In fact, many studies and surveys draw direct correlations between health and finances.
That’s not good enough. The FCAC provides free resources and workshops to help individuals and employers help increase the knowledge of their employees.
As we mark the end of this year, it’s time you took stock of the financial health and literacy of your own employees. November is a good time to start because there are events around the financial literacy label, but it’s only the beginning. As you finish out the year and head into the new one, make financial literacy part of your employee welcome package, regular quarterly sessions or lunch-n-learns. It is proven to help morale and boost production while lowering absenteeism and depression. Let that be the start to a healthy and happy new year.