Welcome to financial well-being resources for employees! We understand the importance of financial security and peace of mind in the workplace. This dedicated page provides resources aimed at empowering employees to take control of their financial futures. From self-assessment tools and investment guidance to debt management strategies and retirement planning, these offerings aim to promote financial literacy, foster a healthy financial mindset, and ultimately enhance the overall well-being of VIU employees.
Financial Coaching
You can access Financial Coaching support under Homewood Health’s Life Smart Coaching. It’s confidential and covered for VIU employees and dependent family members. Call 1-800-663-1142.
Self-Assessment
Recent research from Manulife establishes a strong link between financial health and physical and emotional health – compelling evidence of the benefits of being financially prepared.
For employees with group benefits, login to the Manulife plan member site and go the Wellness Centre (at the top) to take your Financial Wellness Assessment.
The Financial Wellness Assessment is a simple questionnaire that measures your current level of financial wellness and, based on your answers, provides you with a personalized action plan to help you improve it. It takes about 5 minutes and doesn’t require any preparation.
Educational Materials
Manulife’s Financial Wellness Webinar Series
Getting smarter about money can be quick and simple. These 30-minute LIVE learning sessions give you simple tips and ideas to help you and your family make healthy financial decisions. And feel better about money. Choose the category, topic, date, and time that work best for you. Then click the link to sign up. Categories include:
- Financial Wellness
- Investments
- Retirement Readiness
- Making the Most of Your Plan
The Healthy Finances section of “Plan and Learn” on the Manulife public website.
Read about financial preparedness, managing your finances, preparing for retirement, budgeting and planning for your future, and more.
Retirement Planning
Retirement planning is a crucial aspect of securing your financial future. Here are some tips to help you get started:
Start early: The earlier you begin saving for retirement, the better. The power of compounding can significantly grow your savings over time.
Seek professional advice: Consulting with a financial advisor can provide valuable insights and tailored strategies based on your individual needs and circumstances. Did you know you can access Pre-Retirement Planning support under Homewood Health’s Life Smart Coaching? It’s confidential and covered for VIU employees and dependent family members.
Set clear goals: Define your retirement goals, including the lifestyle you want to maintain and the age at which you want to retire. Having specific targets will help you plan more effectively.
Create a budget: Understand your current financial situation by tracking your expenses and creating a budget. This will help you identify areas where you can save more for retirement.
Take advantage of employer benefits: Participate in the pension plan and take full advantage of any matching contributions VIU offers.
Maximize contributions: Contribute as much as you can to your retirement accounts. The more you save now, the more you’ll have in retirement.
- Check your Canada Pension Plan
- Consider Old Age Security, Registered Retirement Savings Plans, and any other financial resources
- Check your pension estimate (see College Pension Plan or Municipal Pension Plan)
Manage debt: Work on paying off high-interest debts like credit cards before retirement. Reducing debt will free up more of your income for retirement savings.
Research post-retirement health and dental benefits: Know your options via the Pension Plan and other sources, and decide what’s best for you.
Review and adjust your plan: Regularly review your retirement plan to ensure it aligns with your changing circumstances and financial goals. Adjust as needed to stay on track.
By planning early, staying disciplined with your savings, and seeking professional guidance when necessary, you can work towards a financially secure and fulfilling retirement.
External Financial Well-being Resources
From Chartered Professional Accountants Canada: Financial wellness guide including an interactive questionnaire helps you understand money basics and how they apply to you.