Manulife's Financial Wellness Assessment

Transcription

1 Manulife's Financial Wellness Assessment

2 Why having poor financial wellness impacts productivity Manulife s health and wealth research confirms the strong connection between an employee s financial wellness, their overall health, and their productivity at work.1 Do you know where your employees stand? Because an employee s financial wellness can have a significant effect on your company s bottom line. Based on Manulife s Financial Wellness Study Benchmark 2015, only 28% of Canadians say they have a high level of financial wellness and 45% feel they have a low level of financial wellness.2 But that s not all. Our study also uncovered these findings about Canadians with a low level of financial wellness: 45% 1 2 of them felt distracted at work because of financial worries 79% Manulife/Ipsos Reid Health and Wealth Wellness Study conducted by Ipsos Reid, February 2014 Manulife s Financial Wellness Study Benchmark 2015 reported that dealing with money causes them stress

3 Helping you increase health and engagement in the workplace INTRODUCING THE FINANCIAL WELLNESS ASSESSMENT We know how important it is for plan members to save for their retirement in their company-sponsored retirement plan. But it goes further than that. We also recognize the need to look at finances holistically. That s what the Financial Wellness Assessment does. The health and wealth research shaped our thinking in the development of this assessment. It supports plan members in gaining a clear picture of their overall financial situation and provides them with a personalized action plan to help improve their financial health and prepare for the future. The Financial Wellness Assessment can be accessed through the plan member secure site in the Financial Planning Resources section of the Learning Centre. Developed using innovative responsive technology, the easy-to-use questionnaire quickly engages plan members and gets them thinking about their financial future and what it means to be financially prepared. By answering a few simple questions and choosing their top three financial priorities, the Financial Wellness Assessment can help plan members understand their current financial state and offers steps to help them take control of their finances. The Financial Wellness Assessment analyzes these key areas that make up an individual s overall financial situation: Budgeting Planning for retirement Investing Debt management Financial protection Financial stress

4 5 MINUTES IS ALL IT TAKES TO SEE THE PATH TO FINANCIAL WELLNESS In less than five minutes, plan members discover their financial wellness score and receive an action plan that s personalized to each individual s unique situation to help achieve better financial health. The action plan offers strategies and links to articles, calculators, and videos that assist plan members to get their finances on track and help them gain confidence to improve their financial wellness. Plan members can revisit the Financial Wellness Assessment to measure their progress and work towards new goals as their situation changes. Each action plan box opens up with links to articles, videos and tools to help plan members get on track to improving their situation. Plan members can learn more about their priorities and scroll to view the complete list. Plan members receive a score and are placed in either the red (needs help), yellow (on their way) or green zone (great financial health). The user average is based on Manulife s Financial Wellness Study Benchmark 2015, conducted with 2,000 Canadians. Plan members can access the Financial Wellness Assessment from their desktop or mobile devices. HELPING PLAN SPONSORS TAKE ACTION As data is collected through the Financial Wellness Assessment, aggregate information may be shared with plan sponsors to provide further insight into plan members levels of financial wellness and highlight areas that require more attention. With this information, plan sponsors can take action to help plan members address some of their challenges through Manulife s services and support. Helping your plan members improve their financial situation can help reduce their stress, improve employee health and increase productivity as well as your bottom line.

5 The Financial Wellness Assessment is part of Manulife s focus on helping employees bring their best to work, every day. For a healthier and more engaged workforce, contact your Manulife representative to learn more about the Financial Wellness Assessment and for ways to promote it. Manulife, the Block Design, the Four Cube Design, and Strong Reliable Trustworthy Forward-thinking are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under licence. XXXXX Financial Wellness Assessment 02/2016