Improving Financial Wellness

Financial stress affects millions of employed Canadians across all demographics, costing employers an estimated $50 billion in lost productivity annually. While financial literacy – one key component of financial wellness – has been a national priority since the Financial Consumer Agency of Canada launched its first National Strategy for Financial Literacy in 2015, many workers continue to struggle with building financial resilience. In fact, according to an analysis of the latest National Payroll Institute’s (NPI) Annual Survey of Working Canadians, the percentage of working Canadians who consider themselves financially stressed increased from 37 per cent in 2023 to 41 per cent in 2024.

To address these challenges, Innovation North has partnered with Canada’s Financial Wellness Lab, which was recently awarded $4 million in research funding through the Ontario Research Fund (ORF) and corporate partners. Together, we are reimagining financial wellness through a systems thinking approach. Instead of considering isolated solutions, we are examining the bigger picture to identify key frictions and opportunities that impact employed Canadians’ financial well-being. A key focus of our work is on how employers can support their employees’ financial wellness through payroll. By engaging directly with diverse stakeholders and partners such as the National Payroll Institute, the Innovation North team is identifying both practical, near-term solutions and long-term opportunities to help realize our vision: a future where all Canadians feel in control of their financial well-being and are able to pursue their passions.