Recent Canadian Research: The State of Employee Financial Health Post-Pandemic (2025)

Key Takeaways

• Over 61% of Canadian employees cite money concerns as their top source of stress in 2025.
• Financial anxiety is linked to higher absenteeism, lower productivity, and increased turnover.
• Newest Canadian research shows nearly half of working adults are living paycheque to paycheque.
• Innovative solutions—like earned wage access—are being rapidly adopted by employers to reduce stress and improve retention.
• Developing a robust financial wellness program is now essential for competitive Canadian businesses.

Introduction

It’s 2025, and the financial aftershocks of COVID-19 are still echoing across Canada’s workplaces.

Many people assume we’ve turned the economic corner, but for millions of Canadian employees, financial wellness remains out of reach.

According to FP Canada’s Financial Stress Index 2025, sixty-one percent say money remains their primary stressor—more than health, family, or work itself.

That stress doesn’t stay at home; it follows employees to the job, where it affects performance, morale, and even retention.

Employers are waking up to the fact that financial wellness is no longer a “nice-to-have”—it’s vital for a healthy, focused, and productive workplace.

The latest Canadian studies paint a clearer picture than ever before: employees are experiencing unprecedented financial strain, and organizations that take action are seeing real business benefits.

In this deep dive, we’ll unpack the latest research, explore what Canadian workers want from their employers, and outline the actionable steps you can take to support financial wellbeing in your workforce.

Understanding the Post-Pandemic Financial Landscape in Canada

If you’re an HR leader or manager, the shifts in employee financial wellbeing over the last half-decade are impossible to ignore. Let’s look at the data:

Current Landscape Stats 2024–2025:

• 61% of Canadians say money is their leading source of stress (FP Canada, 2025).
• 53% are living paycheque to paycheque, a figure that’s held steady or risen marginally since 2022 (CPA Canada).
• 44% of workers have seen their household debt increase since the onset of the pandemic.
• Only 36% have even $5,000 set aside for emergencies.

The cost of living in Canada continues to be a top concern. In urban hubs like Toronto, Vancouver, and Calgary, employees cite high housing costs, inflated grocery bills, expensive childcare, and student loan repayments as persistent barriers to financial stability.

Newcomers to Canada, single parents, and Generation Z are among the most financially vulnerable.

Inflation has cooled since its 2022 peak, but prices remain high and housing affordability is still a crisis for many.

In recent Sun Life Financial Wellness Reports, nearly three-quarters of Canadian employees say they’re anxious about future economic shocks and their own financial resilience.

Key Statistic:
In early 2025, a national Survey for the Financial Consumer Agency of Canada (FCAC) found that 72% of employees have taken on extra work or side gigs just to keep up with monthly bills.

Financial strain also affects retirement planning. A growing number of Canadian workers are delaying retirement simply because their savings haven’t kept pace with the rising cost of living.

The Link Between Financial Health and Workplace Performance

Why should employers care about their workers’ financial wellness? The evidence is overwhelming: when employees are financially stressed, it hits the company’s bottom line hard.

Lost Productivity and Presenteeism

Financial stress directly causes decreased focus, motivation, and engagement. According to a 2024 study from the Ontario Chamber of Commerce:

Canadian employees under financial strain are nearly twice as likely to be absent or "presenteeist" (present at work, but not productive). For a company with 100 employees, that could mean over 200 wasted workdays annually due to money-related distractions.

Turnover and Retention Risk

The Manulife Financial Wellness Index (2024) notes that 35% of financially stressed employees are actively seeking new jobs, compared to just 14% of those who feel financially healthy.

Case Example: A mid-size Vancouver retailer with 450 staff calculated that unwanted turnover linked to financial stress cost them over $400,000 in hiring, onboarding, and lost productivity in 2024 alone.

Direct Impact on Healthcare Costs and Mental Health

Money worries aren’t just about dollars and cents. There is now a documented connection between financial stress and increased claims for mental health support, greater use of health benefits, and even more worksite accidents.

Pro Tip:
Organizations that offer robust financial wellness programs often see up to a 30% reduction in stress-related disability claims (Desjardins, 2024).

The Business Case for Action

The average company across Canada is now losing $2,000–2,500 per employee per year to productivity losses, increased absenteeism, and higher turnover. In total, this means billions in lost value for employers coast to coast.

For employers who ignore these trends, the cost is only going up.

What Canadian Employees Want From Their Employers in 2025

The era of “one-size-fits-all” benefits is officially over. Canadian workers are looking for tailored, relevant solutions to their unique financial challenges.

According to the latest Manulife Financial Wellness Index (2025) and FP Canada data, here’s what employees value most:

Most-Requested Financial Wellness Benefits

1. On-demand pay: Also known as earned wage access, this feature enables employees to withdraw a portion of their earned wages ahead of payday. Employees cite this as the number one tool for reducing money-related anxiety.
2. Financial education and personalized coaching: Workers are asking for budgeting help, retirement planning, and advice delivered in plain language.
3. Flexible benefits accounts: Not everyone needs the same solution. Customizable benefits—like health spending accounts or emergency savings plans—are now a top demand.
4. Overlapping mental health and financial support: Employees want mental health programs that acknowledge and address the role of financial stress.

Real Canadian Voices:
"I love that my company offers on-demand pay now—I don’t have to worry when rent and my car payment land on the same week," shares Jasmine, a retail manager in Calgary.

Generational Differences

• Gen Z and millennials: Prioritize access to money when they need it, easy-to-use banking tech, and tools to manage debt.
• Boomers and Gen X: Focused more on retirement security, health benefit flexibility, and lower insurance premiums.

Culturally Relevant Solutions

With a growing number of first-generation immigrants on Canadian payrolls, there’s increased demand for resources in multiple languages and targeted advice for building credit history in Canada.

Survey Tip

Pro Tip—How to Gauge Employee Interest:Run anonymous, mobile-friendly surveys to ask which tools would help most.Offer a feedback box in your HR portal or employee app.Host a lunch-and-learn or roundtable to showcase financial wellness options and gather feedback.

How Leading Canadian Employers Are Responding

Forward-facing Canadian organizations are implementing powerful changes—and it’s paying off. Let’s dig into the proven strategies and real outcomes.

Earned Wage Access: A Game Changer

A growing number of businesses—across sectors from logistics to healthcare—are adopting earned wage access, allowing employees to tap into pay for shifts already worked.

Employer Initiatives and Results (Benefits Canada, 2025)

Case Studies

• Logistics Firm, Mississauga:
  After rolling out on-demand pay, annual turnover dropped from 36% to 20% within a year. HR noted fewer payday loans and workflows improved because employees weren’t distracted by financial issues.
• Hospitality Chain, Toronto and Halifax:
  Implemented financial literacy workshops and access to budgeting apps. Employees reported a 27% decrease in financial stress (internal survey) and a measurable drop in sick days.
• Healthcare Network, Alberta:
  Offered culturally relevant money management webinars in English, French, and Tagalog, boosting participation among immigrant staff and improving overall wellness scores.

Combining Programs

Many employers are layering support: earned wage access plus education, or financial coaching paired with a matched emergency savings program.

The Swift Wellness Advantage

Swift Wellness has worked with hundreds of Canadian companies to turn financial wellness from a buzzword into a business advantage. Our solutions include fully digital, payroll-integrated earned wage access, confidential employee coaching, and employer dashboards with detailed ROI analytics.

Interested in the data behind true workplace wellness? Explore how Swift Wellness transforms organizations.

Post-Pandemic Trends: What’s Next for Financial Wellness in Canada?

As we move through 2025, here’s what employers and HR leaders should expect:

Technology-Driven Benefits Are Becoming Table Stakes

• Mobile-first tools: Employees want financial support accessible via smartphone apps, not just desktop HR portals.
• Real-time pay: Earned wage access platforms that sync seamlessly with payroll are now preferred.
• AI-driven coaching: Machine learning tools are being used to deliver customized financial and mental health advice.

Privacy and Security Take Centre Stage

Canadians are highly aware of data privacy. Leading platforms comply with PIPEDA and provincial privacy laws; make sure your wellness program provider is up to speed.

Employer Branding and Recruitment Edge

In a talent-short market, employers offering modern financial wellness benefits stand out. A recent Jobboom survey (2025) found 67% of job seekers would choose or stay with a company based on access to financial support programs.

Government and Regulatory Developments

Watch for provincial governments piloting incentive programs to encourage financial wellness adoption. For example, Ontario now offers tax breaks to employers who implement certified financial literacy programs in the workplace.

Actionable Tips: How to Build a Financial Wellness Program in Your Organization

Ready to make a difference for your team? Here’s a practical checklist based on real Canadian employer experiences:

1. Assess the Need

• Issue an anonymous employee financial wellness survey using your HR platform or an external tool.
• Ask specific questions: “Do you run out of money before payday?” “Would early access to earned wages reduce your stress?”
• Segment data by department, location, and seniority for deeper insights.

2. Choose Your Solutions

• Start with one or two high-impact offerings. Earned wage access is a leading choice.
• Complement with basic, accessible financial education workshops.
• If your team is multilingual or culturally diverse, source content in multiple languages.

3. Partner with a Trusted Provider

• Work with a Canadian company such as Swift Wellness, which is fully compliant with national and provincial regulations.
• Ensure integration with your existing payroll system is fast, secure, and does not add administrative burden.

4. Communicate Clearly

• Use email campaigns, posters, staff meetings, and your employee portal to announce new programs.
• Share testimonials from employees who have benefited, to build trust and engagement.
• Lay out security and privacy features—employees want to know their information is safe.

5. Track Results & Refine

• Set clear KPI benchmarks: absenteeism, employee Net Promoter Scores (eNPS), turnover, and benefit utilization.
• Collect feedback after rollout: What works? What can be improved?
• Adjust your program every six months based on employee needs and participation data.

6. Promote a Culture of Openness

• Train your leaders to talk openly about the importance of financial wellness.
• Host regular Q&A or feedback sessions—let employees help shape the next phase.

Quick Reference: Top 3 Canadian Employer Mistakes to Avoid

1. Waiting until “budget season”—start small, start now.
2. Offering programs without communication: Don’t assume employees will just “find them.”
3. Overcomplicating the rollout: Keep it simple; focus on what matters most to your team.

Key Statistics Call-Out:61%: Money is the #1 stressor for working Canadians in 2025.17%: Average drop in turnover at organizations that added earned wage access in the past year.67%: Job seekers say financial wellness benefits influence employment decisions.

For a step-by-step guide specific to your region and industry, contact us for a free employer toolkit or download the Swift Wellness integration checklist.

Conclusion

The message from Canadian research in 2025 couldn’t be clearer: financial stress is still holding millions of employees back, dragging down productivity, retention, and even business reputation.

For employers, the solution is both a moral and strategic imperative. Implementing financial wellness programs—especially earned wage access and personalized education—translates into a stronger, happier, more resilient workforce. Best of all, most programs are easy to roll out with the right technology partner.

It’s time to make financial wellbeing a foundation of your employee experience. Let’s turn research into action for your organization, your culture, and your people.

Ready to start?
Book your complimentary consultation with Swift Wellness today, and discover how financial wellness can give your workplace the edge in 2025 and beyond.

All statistics current as of 2025. Sources: FP Canada, CPA Canada, Sun Life, Desjardins, Benefits Canada, Ontario Chamber of Commerce, Manulife, Jobboom, Financial Consumer Agency of Canada.