Holistic support for you and your employees

There’s a strong link between mental and financial health. When financial health isn’t in order, it impacts physical and mental well-being. One of our surveys showed that 51% of Canadians said financial concerns were one of the main reasons for their mental health challenges.1 The past two years have brought additional financial challenges that have negatively affected the mental health of many Canadians. In 2021, we continued to provide holistic support to you and your plan members to help mitigate the stressors and improve overall well-being. We focused on strategic partnerships that supported positive actions for plan members and provided new sources of innovation and value for our Clients. We hope that these additional services, tools and resources will continue to help you and your plan members create greater financial health and resilience.

To help plan members’ manage debt and reduce the stigma of financial difficulties, we extended our ongoing partnership with the non-profit Credit Counselling Society (CCS) and the Credit Counselling Service of Atlantic Canada, Inc.

These providers offer free and confidential credit counselling. Plan members also have access to the Debt Management Program. This program helps them consolidate debts into one monthly payment they can afford and become debt-free faster.

Since starting the long-term partnership in June 2021, we’ve seen over 300 members engage with this offer through our partner website. 

Our commitment to Clients means that we’re continually looking for new expertise, capabilities and offerings that bring value to you and your employees.

In 2021, we launched two pilot projects focused on helping members pay off student debt and save more through everyday purchases.

YR Plans. In Canada, there is currently a combined $28 billion in student debt. More than 50% of graduates have some student loan debt. And 25% of millennials are still paying it off.2 Through Sun Life and YR Plans partnership, members can allocate a portion of their employer match to their government student loan. This will help to accelerate the student loan repayment term. For those members, who’re currently not participating in the plan, their employer can put the match directly into the plan, while the member pays off their student loan. This option allows the member to participate in their GRS retirement plan sooner.

Moka. Almost 1 in 3 Canadians can’t pay for an emergency expense of $2,000, which has become especially apparent since the start of the pandemic. Moka is an app that makes it easy for people to save more, spend less and invest smarter. The app automatically rounds up the everyday purchases of users and invests the spare change into an emergency savings account. Over time, this can add up by saving beyond the paycheck.

Learn more about the Moka pilot.

 

To help your employees better manage financial stressors and to support their mental health, we launched a new video Managing disruptions: Impacts on your well-being.

The video focuses on educating and empowering members to:

  • Prioritize their self-care;
  • Track their financial needs;
  • Reach out for the support they need; and
  • Make use of the tools and resources available to manage their mental and financial health.

In 2021, President of Sun Life Canada Jacques Goulet, shared his insights on the importance of workplace mental health and creating a corporate culture that places wellbeing at its core.

Watch the full video, Improving Mental Health in the Workplace.

Our partners in GB launched a new mental health toolkit. This online resource provides specific guidance and actionable tools and resources that you can use to improve workplace mental health.

Learn more about this new solution here.

Sun Life COVID-19 and Mental Health OMNI Study. Online interviews were conducted with 1000 Canadians across the country from April 29 – May 1, 2020.

COVID-19 Bright Minds Community Study. Online surveys were conducted from April 13 – 17, 2020 with 692 clients; and from April 29 – May 5, 2020 with 552 clients.

2 All statistics are sourced from YR Plans.