Video Summary
In this meeting, Rodger Thorpe from Thorpe Benefits and Jason Hubbell from Open Access discuss financial well-being and its importance. Jason defines financial well-being as comprising three components: financial well-being (feeling secure or anxious about money), financial confidence (feeling confident or unsure about financial matters), and financial access (feeling professional financial help is accessible or out of reach). Jason highlights that many Canadians worry about money and don't know where to turn for help, with employers being seen as a reliable source. He emphasizes the increasing role employers play in providing financial wellness programs and solutions to address employees' financial insecurity. Jason notes that financial confidence among Canadians has been decreasing over the past 12 months due to factors like rising cost of living and interest rates. He suggests that employers can use wellness benefits and products to assist employees, providing tools and resources to enhance financial confidence. Jason also discusses the importance of financial access, noting that many Canadians are unsure about working with financial advisors due to perceived costs. He suggests that employers can help by providing access to unbiased financial advice through group programs. Rodger agrees that this approach can help reach an untapped group of Canadians needing financial advice and notes that financial stress is a major contributor to mental health issues.
Chapters
Introduction and definition of financial well-being
Rodger Thorpe introduces Jason Hubbell from Open Access. Jason defines financial well-being as comprising three components: financial well-being, financial confidence, and financial access. He explains that these components relate to how Canadians feel about their financial situations, their confidence in handling financial matters, and their access to professional financial help.
The role of employers in financial well-being
Jason Hubbell discusses the spectrum of financial relationships among Canadians, noting that many worry about money and don’t know where to turn for help. He emphasizes that employees see their employers as a reliable source for financial assistance. Jason suggests that employers have a greater responsibility to provide programs and solutions to help with areas of financial insecurity.
Enhancing financial confidence
Jason Hubbell explains that financial confidence in Canada has been decreasing over the past 12 months due to factors like rising cost of living and interest rates. He suggests that employers can use wellness benefits and products to assist employees, providing tools and resources such as calculators and budgeting tools to enhance financial confidence.
Improving financial access
Jason Hubbell discusses the importance of financial access, noting that many Canadians are unsure about working with financial advisors due to perceived costs. He suggests that employers can help by providing access to unbiased financial advice through group programs, leveraging the perception that employers have employees’ best interests at heart.
Conclusion and importance of financial well-being
Rodger Thorpe concludes by emphasizing the timeliness of the topic, noting that financial stress is a major contributor to mental health issues. He appreciates Jason’s framework for understanding how people move through the journey towards financial access and suggests it’s a useful tool for organizations to consider when developing their retirement strategies.