As the year winds down and the holiday season approaches, it’s a natural time to reflect on well-being—including the critical role financial health plays in our mental health. Financial stress remains a significant challenge, affecting both emotional and physical well-being. This month, in partnership with DailyPay, we’re exploring how employers can make a difference by providing innovative tools to reduce financial stress and support mental wellness.
The Connection Between Financial Wellness and Mental Health
Financial stress is more than just a temporary worry—it’s a persistent challenge for many Canadians. Recent studies reveal:
Over one-third (35%) of Canadians report difficulty meeting their financial needs (Statistics Canada).
Nearly half of Canadians (47%) are living paycheck to paycheck (Leger Research)
These pressures don’t just affect individuals—they impact workplaces too. Financially stressed employees report lower productivity, higher absenteeism, and diminished engagement. By addressing financial wellness, employers can create a healthier, more resilient workforce.
Empower Employees with Tools for Lasting Financial Security
Financial security isn’t just about dollars and cents—it’s about peace of mind. Initiatives like the Canadian government’s proposed reduction of GST/HST aim to ease financial burdens for households, offering some relief during challenging times. However, one-time measures may not be enough to address persistent financial stress.
Employers have an opportunity to step in with tools which offer employees greater control over their earnings and enable better financial planning. By integrating such solutions, organizations can go beyond temporary relief, fostering long-term financial resilience and reducing the mental health challenges associated with financial stress.
How DailyPay Supports Financial and Mental Health
DailyPay equips employers to help their teams overcome financial stress by providing on-demand access to earned wages (EWA). This empowers employees to:
Access pay when needed, reducing reliance on high-interest loans or payday lenders.
Track earnings in real time and plan their budgets more effectively.
Build financial habits that reduce uncertainty and foster confidence.
The results speak for themselves:
67% of DailyPay users say that DailyPay has helped them reduce financial stress (DailyPay User Survey)
72% of users report feeling more confident in managing their finances. (DailyPay Employee Experience Research, Arizent study commissioned by DailyPay, September 2023)
Building a Brighter Financial Future Together
As we approach the new year, consider how financial wellness solutions can enhance your organization’s employee support programs. Offering tools like DailyPay demonstrates care, improves retention, and creates a foundation for mental wellness and productivity.
Together, we can help employees reduce financial stress and embrace a brighter future—for their well-being and yours.
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