Wealthsimple unveils new financial wellness report for employers
Employee savings priorities are shifting beyond retirement
March 25, 2025
Toronto ON, (25 March 2025) — Businesses are focused more than ever on acquiring and retaining top talent, prompting HR leaders to examine how they can provide more attractive total rewards packages. In response, Wealthsimple published its first Financial Wellness Report* to help employers better understand how finances are impacting Canadians in the workplace.
Financial stress, further exacerbated by the current macro-economic environment, is affecting employee well-being, output and retention. Key findings from the study include:
- Twenty-seven per cent of respondents said the stress of household finances impacts their productivity at work.
- Nearly all (91 per cent) shared they are more committed to employers who offer great financial wellness benefits like group savings accounts and on-demand financial expertise as part of their rewards package.
- Retirement is no longer the main savings goal for many employees. Only one in five respondents over 35 years old are prioritizing saving for retirement while others are increasingly focused on short-term savings goals such as homeownership, family planning and vacations.
To help business leaders meet the evolving needs of their employees, Wealthsimple for Business – the company’s group savings product line – launched three new group savings plans including a group Tax Free Savings Account (Group TFSA), a group First Home Savings Account (Group FHSA), and a group non-registered account, allowing HR leaders to personalize total rewards packages even further.
“It's a competitive job market and many employers find themselves searching for different ways to motivate employees and drive retention,” said Paul Teshima, Chief Commercial Officer, Wealthsimple. “Access to group savings accounts that go beyond the standard offering will help business leaders stay competitive and meaningfully invest in the financial wellbeing of employees.”
More about Wealthsimple for Business
Wealthsimple for Business provides employees with low-fee group savings accounts suitable for all stages of an employee’s financial journey – from beginners to experienced investors. Features include:
- Group savings accounts that use the same personalized investment model as Wealthsimple’s managed investing products.
- Clear view of the contributions employees make every paycheque along with projections on how their investments will grow over time.
- Pre-existing Wealthsimple clients can access their group savings plan on the same platform as the rest of their personal banking and investment accounts for a holistic view of their finances.
Easy onboarding, expert advice, and competitive management fees are a few of the reasons why hundreds of Canadian companies choose Wealthsimple for Business to manage their group savings plans including Cohere, Ruggable, Knix, Collective Arts Brewing, Glassdoor, and more.
About Wealthsimple
Wealthsimple is one of Canada’s fastest growing and most trusted money management platforms. The company offers a full suite of simple, sophisticated financial products across managed investing, do-it-yourself trading, cryptocurrency, tax filing, spending and saving. Wealthsimple currently serves 3 million Canadians and holds over $50 billion in assets. The company was founded in 2014 by a team of financial experts and technology entrepreneurs, and is headquartered in Toronto, Canada. To learn more, visit www.wealthsimple.com.
Contact: press@wealthsimple.com
*Online survey of 500 Wealthsimple product users conducted from October 1-8, 2024.