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.

In response to these growing challenges, this work was initially launched in collaboration with Canada’s Financial Wellness Lab and has since evolved into an Innovation North–led initiative. Rather than focusing on isolated solutions, we are examining the broader system to identify key frictions and opportunities that shape employed Canadians’ financial well-being. A central focus of our work is understanding how employers can support their employees’ financial wellness. By engaging directly with diverse stakeholders, the Innovation North team is identifying both practical, near-term actions and longer-term opportunities to advance our vision: a future where all Canadians feel in control of their financial well-being and are able to pursue their passions.