Set your employees up for financial success
Our WealthVoucher Program enables businesses to empower their employees to save and prepare for their future.
Are your employees worried about money ?
With life expectancy leaping from just 73 years in 1980 to 84 years in 2023, an employee retiring at 65 needs 1.5x more capital today than they did in the Eighties (excluding the inflation effect). No wonder your employees worry about their personal finances.
Financial pressure compels employees to spend between 0.5 and 3.5 hours of company time per week on their personal finances. With an average payroll of $27 p/h a company with 20 employees loses $20 000 per annum due to employee financial stress.
To top this off, 52% of employees are disengaged and their likelihood of leaving is directly correlated to this disconnection. Detached employees who are constantly worried about finances see their job as a transaction with very low human connection.
1.5 x more capital
$20 000 per annum
52% of employees
How do you, a business owner, use financial wellness to increase productivity?
By caring! As a business owner, you can care for your employees' financial wellness and assist them on their journey towards financial stability and significance. By investing in the financial wellness of your employees, you'll improve their productivity, reduce absenteeism and turnover, and create a more positive and engaged workforce.
That's why Wealthstack offers a comprehensive financial wellness program to help business owners support their employees' financial well-being.
How do we partner with you?
We create a holistic financial dashboard for each employee, with their unique needs and financial goals.
We empower each employee with carefully crafted financial resources through our range of podcasts, articles and videos. We facilitate a culture of creating small and sustainable financial habits.
We implement the WealthVoucher Program that engages each employee on their path to their specific financial goals. WealthVouchers are sponsored by you to enable the employees reach their financial goals.
What is the WealthVoucher Program?
The WealthVoucher Program helps employees save and plan for their financial future by having the business MATCH an employee's monthly contribution to a RRSP, RESP, Critical Illness Insurance, Disability Income Protection Insurance or Life Insurance. Each employee receives a matched, personalized voucher and the program is tailored to each employee's needs.
For example, your business decides to give an employee a $50 per month WealthVoucher. The employee then matches that with his/her own $50 monthly contribution so that $100 is allocated to the employee's chosen financial product. Should an employee not add their own contribution, the business voucher is not deployed either.
The business can give different voucher amounts to different employees and create a program that improves employee engagement and retain staff. Wealthstack guides and manages the program from start to finish.
Allocate Vouchers to any of the following products
- Registered Retirement Savings Plan
- Registered Education Savings Plan
- Critical Illness Insurance
- Disability Income Protection Insurance
- Life Insurance
How is the WealthVoucher Program different from a traditional group benefits plan?
Traditional group benefits plans are valuable and cost effective, but not necessarily dynamic. Group plans assume that all the employees have the same financial goals and all goals are equally important for everyone. This is simply not the case because no two individuals or families are the same. It is also the reason why traditional group benefit plans don’t increase employee engagement as you would have hoped.
The WealthVoucher Program can be incorporated as an enhancement to an existing group benefits plan, or as a stand-alone offering.
The holistic dashboard helps each employee to understand what their financial goals are, and which one is the most important now. The dashboard allows the employee to make an informed decision and therefore allocating the WealthVoucher to their most important financial goal. What is more, the employee owns the dashboard and owns the product. This ensures financial stability and increases employee engagement throughout the employee's career. The WealthVoucher is dynamic and personalized.