10 Signs Your Company Needs a Financial Wellness Program (2025 Guide)
Financial wellness isn’t just a perk—it’s a business necessity in 2025.
Key Takeaways
- Financial stress is a leading cause of employee turnover and lost productivity in Canada.
- Watch for 10 clear warning signs that your company needs a financial wellness program.
- Canadian companies with wellness programs report up to 50% lower turnover rates.
- Early wage access and paycheque advance solutions can boost morale and retention.
- Actionable steps to launch a financial wellness program with Swift Wellness.
Introduction
Are your employees distracted, disengaged, or calling in sick more often? Financial stress could be the hidden culprit affecting your workplace.
In 2025, Canadian businesses are losing billions each year due to employee money worries, with nearly 60% of workers reporting that finances are their top source of stress.
Spotting the warning signs early can help you protect your team and your bottom line. In this article, you’ll discover 10 clear signs your company needs a financial wellness program, backed by real Canadian examples and actionable solutions.
If you want to boost retention, productivity, and morale, read on to see if your workplace is showing these red flags—and learn how Swift Wellness can help.
Why Financial Wellness Matters in Canada
Financial stress isn’t just a personal problem—it’s a business issue. According to the Canadian Payroll Association (2024), 63% of employees say money is their number one source of stress.
This stress spills over into the workplace, leading to higher turnover, more absenteeism, and lower productivity.
For example, a Toronto-based retailer saw a 40% reduction in turnover after launching a paycheque advance program. The result? Happier employees, fewer missed shifts, and a stronger bottom line.
Ignoring financial wellness can cost your company thousands per employee each year. Addressing it can set you apart as an employer of choice in Canada’s competitive job market.
10 Signs Your Company Needs a Financial Wellness Program
1. High Employee Turnover
If you’re seeing more resignations than usual, financial stress could be a factor. The average cost to replace an employee in Canada is $5,000–$10,000, according to HR Reporter (2024). Companies with financial wellness programs report up to 50% lower turnover rates.
Example: A Vancouver tech firm reduced annual turnover from 22% to 12% after introducing early wage access.
2. Increased Absenteeism
Financially stressed employees are 2.5 times more likely to call in sick or miss work. In Canada, this can mean an average of 6 extra missed days per year per employee, costing businesses over $2,000 per worker annually.
3. Low Productivity
Money worries don’t stay at home. Canadian businesses lose an estimated $16 billion each year to lost productivity from financial stress (CPA, 2024). Employees distracted by financial concerns are less focused and less engaged.
4. Frequent Pay Advance Requests
Are employees regularly asking for pay advances or loans? You’re not alone—1 in 4 Canadian workers have requested a pay advance in the past year. This signals a need for more flexible pay options.
Real scenario: A Calgary manufacturer saw HR pay advance requests drop by 80% after implementing Swift Wellness.
5. Declining Employee Morale
Low morale can show up as more complaints, less participation in meetings, or a negative atmosphere. Financial stress is often the root cause, especially if employees feel unsupported.
6. Difficulty Attracting Talent
Today’s job seekers expect more than just a paycheque. In 2025, 78% of Canadian candidates say financial wellness benefits are important when choosing an employer (Indeed Canada, 2025).
7. Increased Use of Payday Loans
If you hear employees talking about payday loans or see wage garnishments, it’s a red flag. The average Canadian payday loan user pays over $300 in fees annually—money that could be saved with better employer support.
8. HR Overwhelmed with Financial Questions
Is your HR team spending hours each month answering pay-related questions or handling emergency loan requests? This is a sign your current benefits aren’t meeting employee needs.
Real-life: A Montreal logistics company reported HR spent 12+ hours/month on pay queries before launching a financial wellness program.
9. Wage Garnishments or Legal Notices
About 7% of Canadian employees have wages garnished for debt repayment. This not only affects morale but also adds administrative headaches for payroll and HR.
10. Negative Employee Feedback on Benefits
If your annual benefits survey scores are dropping or employees are voicing dissatisfaction, it’s time to review your offerings. Financial wellness is now a top priority for Canadian workers.
The Business Impact—By the Numbers
Let’s break down the costs of ignoring financial wellness versus investing in a program:
| Cost Factor | Without Program (per employee/year) | With Program (per employee/year) |
|---|---|---|
| Turnover | $7,500 | $3,750 |
| Absenteeism | $2,000 | $1,000 |
| Lost Productivity | $3,000 | $1,500 |
| Total | $12,500 | $6,250 |
Source: Canadian Payroll Association, 2024
Companies with financial wellness programs see up to 50% lower turnover and 32% higher engagement. The ROI is clear: investing in your team’s financial health pays off.
Actionable Tips: How to Launch a Financial Wellness Program
Ready to take action? Here’s how to get started:
- Survey your employees’ needs: Use anonymous surveys to find out what financial challenges your team faces.
- Research financial wellness solutions: Look for Canadian providers like Swift Wellness that offer paycheque advances and early wage access.
- Start with flexible pay options: Implement a paycheque advance program to give employees access to their earned wages when they need it.
- Communicate benefits clearly: Use emails, posters, and meetings to explain how the program works and how it helps.
- Track results and adjust: Monitor turnover, absenteeism, and employee feedback to measure impact and make improvements.
Quick Reference:
- Average cost to implement a financial wellness program in Canada: $3–$8 per employee/month.
- Most programs can be set up in under 30 days.
- Look for solutions that integrate with your existing payroll system.
Conclusion
Spotting these 10 signs early can save your company money, boost morale, and help you stand out as an employer of choice in Canada.
If you’re seeing any of these red flags, it’s time to take action.
Start by assessing your workplace, talking to your team, and exploring financial wellness solutions. Swift Wellness makes it easy to offer paycheque advances and early wage access—helping your employees feel secure, valued, and ready to do their best work.
Ready to learn more? Contact Swift Wellness today to see how we can help your team thrive.