Why employers can’t afford to ignore financial wellness

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Reality check: Amid rising financial stress and shifting retirement goals, RBC Group Advantage says group savings programs are now essential for employee retention, engagement, and recruitment

WHEN IT comes to retirement readiness, many Canadian workplaces are facing a silent misalignment: 75 percent of employers believe they’re doing enough, yet only 46 percent of employees are feeling the support. That’s the key finding of the latest RBC Workplace Realities Poll, and it speaks volumes about the shifting expectations in today’s workforce. “There’s a real disconnect in how retirement preparedness is perceived,” says the vice president of RBC Group Advantage, Kristin Dolynski. “Employers may assume that providing a paycheque is enough. But increasingly, employees are looking for more comprehensive support, especially to help secure their financial future.” While most employers recognize the need to offer a comprehensive financial wellness program, the data suggests there’s still room to do more. Nearly 60 percent of employees say they prioritize retirement savings plans as one of the top reasons for staying with their employer, according to a recent SHRM report.

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“Of course, when you’re young, it’s easy to think you have time. But time is the one thing you can’t buy back. Even small contributions early on make a big difference down the road”

Kristin Dolynski, RBC Group Advantage

Retirement plans begin with today’s priorities

Published June 16, 2025

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“We want to help employers offer more than just a product. We want to help them build a culture where financial well-being is an essential part of the workplace experience”

Kristin Dolynski, RBC Group Advantage

That shift in expectations is being driven by tangible pressures. Inflation, interest rates, housing costs − these are everyday stressors for workers across generations, and their impact is significant. For many, achieving financial stability feels increasingly out of reach, let alone saving for retirement.

Interestingly, despite the pressures younger generations face, the RBC poll also found that younger workers, in particular 86 percent of millennials and 79 percent of Gen Z, hold more optimistic views about retiring before age 65. This outlook contrasts sharply with the lived experience of older Canadians, as only 53 percent of baby boomers plan to retire before 65. But that optimism may have less to do with confidence and more to do with how Gen Z and millennials are redefining the very concept. “Younger Canadians often have a different idea of what retirement looks like,” Dolynski says. “Many don’t picture a full stop at 65. They imagine stepping back, maybe working part-time or doing something on the side that feels more meaningful.”

That flexibility can be a strength. But it also makes it easier to put off saving. Many younger workers are focused on more immediate goals, like covering rent, managing debt, or saving for a first home. As a result, retirement doesn’t always show up on their radar until much later. “Of course, when you’re young, it’s easy to think you have time,” says Dolynski. “But time is the one thing you can’t buy back. Even small contributions early on make a big difference down the road.” That is where financial education plays such a vital role. RBC Group Advantage works with employers to provide access

to advisors and resources that help employees map out their financial journey. From managing day-to-day budgeting to understanding investment strategies, the program meets people where they are − regardless of their age or income level.

One workplace, many financial paths

One of the clearest messages from RBC’s poll is that support needs to be more flexible. Financial wellness looks different at 25 than it does at 55, and not everyone is starting from the same place. “Employees have different goals, different experiences with money, and different levels of comfort talking about it,” Dolynski says. “It’s important to offer more than just a one-size-fits-all solution.” RBC Group Advantage programs are designed to do just this. Employees can meet with advisors however they choose − in person, virtually, or by phone. Many also use RBC’s digital advice platform, MyAdvisor, which has already helped 4.8 million Canadians map out their financial goals and track their progress in real time. For employers, this flexibility matters. Workers who feel supported tend to be more focused and more loyal. RBC’s poll found that 56 percent of employers say group savings plans help with retention, and 53 percent say these plans help attract new talent. Those numbers line up with broader market trends. According to a 2024 National Payroll Institute survey, about 41 percent of workers report feeling stressed about their finances, which can negatively affect both focus and productivity. Support does more than help people budget or plan − it reduces stress. “Employers who invest in financial wellness are investing in engagement, retention, and business productivity,” Dolynski sums up.

Turning financial wellness into a competitive advantage

What sets programs like RBC Group Advantage apart isn’t just their administration of group savings and retirement plans. It’s the way they help employers turn financial wellness into a competitive advantage. Based on the needs of the business, a tailored program is put in place and the employer is provided with ongoing dedicated relationship management, to help them ensure their group savings program meets their needs and those of their employees. The employer also receives support for employee engagement and participation, as well as hosted education events on topics like home ownership and estate planning, in addition to a wide range of financial tools for employees. “We want to help employers offer more than just a product,” Dolynski explains. “We want to help them build a culture where financial well-being is an essential part of the workplace experience.”

The feedback they’ve received suggests this approach is working. In one case, an employee told RBC Group Advantage that their advisor helped them plan for the future they wanted and explained how to best make their money work for them. Another shared that their advisor walked them through several different options and helped them make a truly informed decision. For Dolynski and her team, this kind of feedback matters more than any metric. “It means we’re helping people feel less overwhelmed, and more in control. That’s the goal.”

The case for acting now

Dolynski believes the time for employers to act is now − not just because of rising costs or a tight labour market, but because employees are paying attention. They’re asking harder questions about their futures, and they want to know their employer is invested in helping them find answers. “We’re seeing growing pressure on both ends,” she says. “You have younger employees looking for help getting started, and older employees looking for a secure way to wind things down. Employers need to support both.” The RBC Group Advantage message is simple: if

businesses want to build trust and stay competitive, financial wellness must be part of the equation. And the sooner, the better. “This is the ideal time to invest in your people,” Dolynski adds. “When you help employees build a better financial future, you’re also building a stronger business.”

Disclaimers: This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. The information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products, or services is expressly given or implied by Royal Bank of Canada or any of its affiliates. MyAdvisor is an online platform from RBC where you can view your financial information, including visual representations (charts and graphs) of your retirement readiness, net worth, cash flow, and financial goal tracking. You can also see how varying your current approach can affect your savings and goals. The MyAdvisor platform also enables you to book an appointment with an RBC advisor and to meet with your advisor using video chat or phone to open new accounts, including investment accounts, and get advice on meeting your financial goals. Financial planning services and investment advice are provided by Royal Mutual Funds Inc. (RMFI). Investment advice provided by RMFI may be delivered through the MyAdvisor platform. RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Québec.

WHY RBC Group Advantage stands out

Personalized touch: One-on-one advice and digital tools Future-ready: Practical financial planning guidance for employees Proven value: Strong impact evident from employee feedback Beyond admin: Dedicated relationship support for employers Trend-ready: Scalable solutions for changing needs

Disconnect identified: 75% of employers believe their employees are prepared for retirement, only 46% of employees agree. Employees want financial guidance, not just a paycheque. Personalized financial advice and support is available in person, virtually, and by phone. Programs meet varying needs across different generations. Financial wellness drives productivity, loyalty, and a competitive advantage for your business.

Bridging the gap: RBC Group Advantage’s approach to financial wellness