How Planning for Your Financial Success is Good for Your Health

If you’re like many Canadians – four out of ten of them, to be exact – you feel stressed when you think about money. And while some stress is not necessarily problematic, chronic stress can lead to:

Heart disease
Stroke
High blood pressure
Immune functioning problems
Unhealthy habits, including smoking and excessive consumption of alcohol

Stressing about money, then, can harm your physical health (not to mention the potential negative impacts to your mental health, relationships, productivity at work, and a whole host of other things in your life). It’s a problem worth solving… and the sooner, the better.

The solution, in many cases, is working with a financial advisor who can help you plan for your financial success. Your advisor should, at minimum, talk with you about what matters to you, your short- and long-term life goals, and what you can realistically achieve (and in what timeframe). And it pays off in more ways than one. In a recent survey, people who said they are financially prepared were:

Almost 24% more likely to exercise one or more hours each week
Almost 25% are more likely to say they are “very healthy.”

So, what can you do to be better financially prepared? Here are a few tips to help strengthen both your financial and physical health:

Work with a financial advisor (a HUMAN advisor – not a robot) who can help get you from where you are to where you want to be. Don’t underestimate this step. If you decide against working with an expert, it’s akin to providing yourself with life-altering legal or medical advice that could also wreak havoc on the lives of the people you love most. By contrast, if you work with a financial advisor, he or she will genuinely care to help you achieve your goals and will have the experience and expertise to help you do it.
Manage your debt. For most Canadians, debt causes stress – and the higher the debt, the greater the chance of depression and high blood pressure. Again, a qualified financial advisor can help you develop a plan for controlling your debt – and the resulting stress.
Save for your future. If you’re among the 60% of Canadians who worry they won’t have enough money saved for their golden years, don’t despair. You-know-who can also help you develop a plan for saving that will help ensure a retirement you can look forward to.

If you’re not sure where to turn in finding a financial advisor who will work in your best interests now and in years to come, ask your friends, family, and co-workers if they can recommend someone. You can also, and probably should, look online for unbiased, uncensored reviews like on Google. The same as in every other industry, some advisors have more experience and better reputations than others, so it’s important you do your research. It’s worth it to invest the time, now and later, in helping to ensure your future financial success.

Wiegers Financial & Benefits has a trusted team of more than 20 financial advisors, and its support staff includes individuals who are true experts in their field. Many of them specialize in working with clients with unique needs.

Wiegers Financial & Benefits are Trusted Saskatoon Financial Advisors

Wiegers Financial & Benefits is one of the largest private financial planning and employee benefits consulting firms in Saskatchewan. Its Saskatoon Financial Planning Division provides business owners, households, retirees, and students with expert investment and insurance planning services to help them reach their long-term financial goals. They also have a Benefits and Personal Insurance planning division. In this latest Wiegers Financial tip they share information and advice for business owners. Wiegers Financial Benefits are Trusted Saskatoon Financial Advisors and Trusted Saskatoon Insurance and Group Benefits experts

How Benefits Can Help Bolster Your Employees' Mental Health AND Your Company's Bottom Line

What Mental Health Is and Why It Can’t Be Ignored

Most of us have heard – probably more than a few times – that if you don’t have your health, you don’t have anything. There’s no denying the truth, but increasingly, and all the more during the COVID-19 pandemic, there’s an understanding that mental health is just as important and impactful as physical health.

The World Health Organization (WHO) defines positive mental health as “a state of well-being in which the individual realizes his or her abilities, can cope with the normal stresses of life, can work productively and fruitfully, and can contribute to his or her community” (WHO, 2001, p. 1). Clearly, we all strive for this – or at least should be – but not all of us are mentally well all of the time. Indeed, the Canadian Mental Health Association (CMHA) reports[1] that:

Mental illness indirectly affects all Canadians at some time through a family member, friend, or colleague.
In any given year, 1 in 5 people in Canada will personally experience a mental health problem or illness.
Mental illness affects people of all ages, education, income levels, and cultures.
Approximately 8% of adults will experience major depression at some time in their lives.

About 1% of Canadians will experience bipolar disorder (or “manic depression”).

What’s more, though final numbers aren’t yet available, Fardous Hosseiny, the National Director of Research and Policy at the CMHA, predicted that 2020 depression would be the leading cause of disability in Canada (preliminary indications are that Mr. Hosseiny was correct). Even more staggering is that approximately 1.6 million people continue to have their mental illness needs unmet. As Mr. Hosseiny explains, “Mental illnesses are episodic, but the key is that if it’s untreated, that’s when it’s really disruptive. We know that untreated mental illnesses are only exasperated with time.” Given the number of people not being helped, Mr. Hosseiny suspects that the number of Canadians who suffer from mental illness each year is even higher than what research shows (1 in 4 Canadians as opposed to 1 in 5), and that the availability of support systems – or lack thereof – plays a significant role.[2] Clearly, something needs to be done.

Your Group Benefits Plan Can Be a Terrific Support to Your Employees and Their Mental Health.

Here’s How.

My team and I have been promoting the importance of mental health and mental health support in group benefit plans for many years – long before the stigma surrounding mental illness started to decay. One of the most effective tools available is an Employee Assistance Program (EAP), which can be added to a traditional group benefits plan. Though the number of EAP providers is higher than ever, and the number of options available is ever-increasing, most EAPs provide, at minimum, confidential short-term counselling to employees and their spouses and dependent children, as well as referrals and other forms of support designed to help bolster mental health.

Other options include a robust Health benefits plan that provides coverage for mostly physical concerns, knowing that when an individual cannot afford to pay for a health product or service, his or her mental health can be severely impacted as a result. The same idea is behind Wellness and Health Spending Accounts. Providing your employees with healthcare dollars to spend as they need or choose to do helps reduce or even eliminate the financial concern that might otherwise hinder their getting the help and support they need.

The Business Case for Mental Health Supports in Benefits

Aside from the obvious compassionate reasons for providing mental health support at and through work, there’s a strong business case for it, too. The Mental Health Commission of Canada (MHCC) estimates that the total cost to Canada’s economy incurred by mental health problems and illnesses is well over $50 billion annually or nearly $1,400 for every person living in Canada in 2016. This includes significant employer costs due to absenteeism, presenteeism, and employee turnover.[3] And it makes sense. Healthier, happier employees tend to be more productive than their less healthy, less happy colleagues, so investing in your employees’ mental health helps you – and your business!

It’s wonderful that awareness and acceptance of the need to protect and care for mental health are finally on an upswing. Employers' ability to do so much for their employees’ mental health carries exponential benefits for everyone involved, including the employers themselves (given the positive impact on their businesses). As cliché as it might sound, benefits really are an investment in your team, and there’s never been a greater need than now for the mental health support they provide.

Debra L. Wiegers, GBA, CFP, CLU., Ch.F.C.

Benefits Consultant, Wiegers Financial and Insurance Planning Services Ltd.

Wiegers’ Benefits Consulting Division includes 11 consultants and support staff who custom-design the most employee-valued and cost-effective group benefits, personal insurance, employee assistance programs, and retirement plans available. Contact Wiegers today for a no-obligation consultation to determine how they can help you.

Wiegers Financial & Benefits are Trusted Saskatoon Insurance and Group Benefits Advisors