Financial Literacy Month Week 2: Set Financial Goals
Financial Literacy Month Week 2:
Set Financial Goals
Employees are stressed by their financial situation
For many Canadians, money worries are the greatest source of stress, more than work, personal health and relationships. Financial stress affects working Canadians of all income levels and age groups.
Did you know
- 40% of working Canadians feel overwhelmed by their level of debt
- 48% say they’ve lost sleep because of financial worries
- 35% spend all of their net pay or even more
- 44% say it would be difficult to meet their financial obligations if their pay was late
- 37% say they will have to delay retirement because they will not have enough money saved
Financial stress is closely connected to physical and mental well-being. Employees dealing with financial stress are:
- twice as likely to report poor overall health
- 4 times as likely to suffer from sleep problems, headaches and other illnesses
Financial stress can also lead to more serious health problems, such as:
- heart disease
- high blood pressure
- depression and anxiety
Having a plan to pay off debt will go a long way in reducing your financial stress. Whether you want to manage your debt or save for the future, setting S.M.A.R.T. financial goals is a great way to achieve some of the things you want in life.
The Financial Consumer Agency of Canada identifies six steps to help you pay down debt and stay debt-free and offers tools to help you prioritize the financial objectives that are important to you.
If you’re looking for more information about how to reduce your financial stress, consider attending one of these programs during Financial Literacy Month:
WEBINARS
Making Cent$ of Money – Budgeting 101
November 12 | 1 p.m. – 2 p.m.
The Frank Truth About Income Taxes, RRSPs and TFSAs
November 21 | 2 p.m. – 3 p.m.
Financial Basics – Borrowing 101
November 29 | 12 noon – 1 p.m.
IN-PERSON SESSIONS
Financial Wellness Course: See Your Money Differently
November 15 | 9 a.m. – 4 p.m. | Westdale Campus, Mills Library
waiting list only
Group RRSP Meetings with Desjardins
November 20 | Between 9 a.m. and 4 p.m. | Westdale Campus, McMaster University Student Centre
Retirement Ready Workshop for Pension Plan Members
November 25 or 26 | Westdale Campus, Michael DeGroote Centre for Learning
Financial Basics – Borrowing 101
November 25 | 1 p.m. – 2 p.m. | Waterloo Campus
November 26 | 12 noon – 1 p.m. | Westdale Campus, Mills Library
Learn more and register for events.
Homewood Health (EFAP)
McMaster’s EFAP offers a free financial coaching program over the telephone. This Life Smart Coaching program empowers you with the information and support you need to help you achieve financial peace of mind. They make it simple to get started and guide you step-by-step.
If you ever feel uncertain or overwhelmed about any issue, McMaster’s Employee and Family Assistance Program (EFAP) can arrange counselling. Counselling services can be offered face-to-face, over the phone, through video, or online.
Learn about McMaster’s Employee & Family Assistance Program.
Contact Homewood Health
1.800.663.1142
https://homeweb.ca/
Program Contact:
Organizational Development
Human Resources Services
od@mcmaster.ca