The Cowan Financial Literacy Index
Employee wellness plans have traditionally focused on physical and mental well-being, but organizations are beginning to recognize the important role that financial well-being can also play in an employee’s overall health.
As defined contribution (DC) plans and group registered retirement savings plans (GRRSP) continue to grow in popularity as workplace savings vehicles, employees are being asked to shoulder an increasing amount of responsibility for the success of their retirement investments.
Between juggling daily personal finances and making decisions related to future financial security, is it any surprise that 42 percent of working Canadians say they are distracted at work due to financial worries?
Poor financial well-being causes stress that negatively impacts our physical and mental health and, in turn, affects workplace productivity. So how can you help?
Introducing the Cowan Financial Literacy Index
Cowan Insurance Group has developed a Financial Literacy Index—a few select questions related to investments and financial planning that can provide your organization with baseline data that can be used for:
- communication strategy development
- educational program planning, and
- investment line-up and plan design assistance
Your organization’s index scores can also be benchmarked against the broader database. Changes in scores will help measure the value of investment relative to any strategies that have been implemented.
For more information about the Cowan Financial Literacy Index initiative, including how you can roll this out to your own teams please contact:
Teresa Norris-Lue, National VP, Pension and Retirement Counselling, Cowan Insurance Group
Phone: 1-866-912-6926 ext. 51304 | Email: Teresa.Norris-Lue@cowangroup.ca