69% of Canadian Employees Say They Would Leave Their Job Without a Company Savings Plan to Go to a Company With a Group RRSP
Nest Wealth releases study examining the link between employee access to group investment tools and workplace happiness and productivity
- Nest Wealth study shows how financial worry and retirement planning can have a negative impact on business performance, company culture and overall employee happiness
- 79% of those able to contribute to a group savings plan at work feel they know how much they need to save for retirement, alleviating stress1.
- Overall results conclude that offering employees a way to save for their future made a difference to their overall happiness, confidence and consequently their work performance.
TORONTO, Oct. 3, 2018 /CNW/ - Today, Nest Wealth, a leader in financial investment technology, released a study examining how financial worry and retirement planning impact business performance, company culture and overall employee happiness across the country. The report, titled "Strengthening Productivity: How to Relieve Employee Stress and Grow Your Business", finds that the simple act of offering employees a way to save for their future at work made a significant difference to their overall happiness, confidence in their financial future and consequently, their work performance. The full report can be found here.
The study reveals that 42% of Canadian employees rank 'money' as their greatest stress, ahead of work (23%), personal health (19%) and relationships (17%). It's clear that Canadians are worried for their financial future - 65% of men and 75% of women stated that they are afraid they aren't saving enough for retirement. Collectively this stress is making Canadians lose sleep, reconsider past financial decisions, and argue with partners2. The impact of this tension extends far beyond the personal lives of employees. Industry statistics show that unhappy workers cost North American businesses over $350 billion annually in lost productivity3.
To build a more secure financial future, 82% of Canadians believe it is important to have a Group Savings Plan through work4. Unfortunately, millions of Canadians lack access to a Group RRSP or some other form of savings mechanism offered through an employer5.
Organizations that do not offer a Group Savings plan should take note - 69% of Canadians say they would choose a new job with a plan over a current one without it. This could clearly impact the ability of small to medium-sized businesses (SMBS) to retain talent if they don't offer Group RRSPs 6; 79% of those who contribute to a plan feel better informed and that they know how much they need to save for retirement, alleviating stress.
Historically, the complexity in offering and managing an employee group savings plan, particularly for SMBs, was one of the main reasons employees lacked access to a Group Savings Plan. In fact, 83% of SMBs cited administrative simplicity as a critical factor when deciding to offer a retirement plan for their employees. This is particularly important when HR resources are limited7.
To overcome these administrative challenges, Nest Wealth developed Nest Wealth at Work, Canada's first, fully-digital, group RRSP platform for SMBs. Employers now have the ability to attract, retain and motivate employees by offering a group RRSP plan that is low cost, easy to use and effortless to administer.
"We know that happy employees collaborate better, make stronger leaders, think more creatively, are willing to take on new challenges and are less absent," said Randy Cass, Founder and CEO of Nest Wealth. "Our study found that the simple act of offering a Group RRSP Plan can significantly increase employee's confidence and sense of security both in the workplace and at home. By helping alleviate the stress related to financial security, Canadian companies can have a greater chance to attract and retain talented employees, play a positive role in their employee's lives and create a healthier company culture and a stronger Canadian workforce."
About Nest Wealth
Through their leading-edge technology platform and industry-tested investment rules, Nest Wealth Asset Management Inc. (Nest Wealth) provides investors with a smarter, quicker way to reach their financial goals. Nest Wealth offers an automated, low-cost and transparent direct-to-investor wealth management solution that makes it easier for investors to obtain sophisticated management of their financial portfolio. Nest Wealth Pro offers advisors and investment firms a white label practice management solution to better serve their clients through simple onboarding, greater transparency and fully-integrated back office and compliance functionality. Nest Wealth at Work, a fully-digital group RRSP plan, is the only group RRSP offering developed specifically for small-to-medium-sized businesses to quickly and easily offer their employees a path to financial well-being. Together, Nest Wealth has built a better way to invest.
SOURCE Nest Wealth
Media Contact: Jason Kinnear, [email protected], 647.291.8026
Share this article