Employee financial wellbeing has become one of the defining leadership challenges facing Canadian employers.

For years, retirement planning and savings were treated as personal matters, separate from business strategy. Today, financial uncertainty, shifting retirement expectations and rising demand for workplace support have placed employers at the centre of a new conversation: how to meaningfully support employees’ long-term financial health.

Recent findings from the RBC Workplace Realities Poll underscore the shift. Among employees surveyed, 71 per cent want access to group savings or pension programs through their workplace, 45 per cent cite life or critical health insurance as a priority and 39 per cent want access to financial advisors and wellbeing resources. Yet a disconnect persists: while 75 per cent of employers believe their workforce is on track for retirement, only 46 per cent of employees agree.

Younger workers are also more optimistic about retirement timing than older counterparts. The poll found that 86 per cent of Millennials, 79 per cent of Gen Z and 75 per cent of Gen X anticipate retiring before age 65. By contrast, just 53 per cent of Baby Boomers expect to do the same, with nearly one-third planning to work until age 70 or beyond — highlighting the gap between expectations and financial reality.
Increasingly, those gaps matter.

“We foresee an ever-increasing focus on employees’ financial wellbeing, as Canadians continue to seek ways to stretch their hard-earned dollars and minimize financial strain,” says Michelle Creed, Vice President, RBC Group Advantage – Atlantic. “Employers are shifting their view of financial wellness. Rather than considering it as a cost, they’re looking at this as a business investment that underpins long-term performance, similar to how they view investments in technology and training.”

RBC Group Advantage was designed with that responsibility in mind. The program combines group savings plans, retirement planning support and financial advice, backed by digital capabilities, to help employees plan for the future they want. By integrating advice with everyday banking, credit, and savings solutions, this equips employees to make informed financial decisions with greater confidence.

For employers, the impact extends beyond individual retirement accounts. Employees who feel supported in their financial goals are more engaged and present. Reduced financial stress means fewer distractions, stronger productivity and improved retention — particularly as organizations compete for talent.

“Employees who spend less time worrying about, and dealing with, their finances at work are more engaged, more focused and more productive,” explains Creed. “Employers with strong financial wellness programs often report improved engagement, fewer distractions and even lower absenteeism.”

RBC works with organizations from plan design through sustained employee participation, helping implement savings and retirement programs tailored to each workforce. Through ongoing access to professional advice, workplace resources and digital tools, employees can engage with their financial goals at every stage of their careers — creating a structured system of support that reduces financial stress and builds confidence.

“We lean into RBC’s extensive network of advisors right across the country, giving employees ready access to advice — in-person, virtually or by phone,” Creed says. “We also have comprehensive resources to support employees who join our Group Savings plans, including a wide array of self-serve financial education resources.”

Creed adds, “We want to ensure we’re providing what employers need to support the financial wellbeing of their employees — and that they can see the clear benefits of providing this support. There’s an important bottom-line aspect to these benefits too: by investing in the financial wellness of their employees, they are also investing in the success of their business.

 

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