In this new episode of Vecteur H, the show on human resources in partnership with Isarta, Émilie Pelletier welcomes Annick Kwetcheu Gamo, specialist in financial education and founder of Code F. The opportunity to talk about a taboo theme: money as a possible stress factor for employees.
We talk a lot about physical health, mental health… but financial health is much less talked about. Yet, the issue is at least as important personally as professionally.
Money is the number one source of stress,” says Annick Kwetcheu Gamo, founder of Code F, a structure that helps people manage their personal finances.
According to her, we spend 10 hours a week worrying about our financial health. A subject that can also greatly influence our work life.
According to various studies on the subject, we see that people under financial stress admit to spending part of their time at work dealing with their financial management. We’re talking about $40 billion in lost productivity across Canada,” adds the financial education specialist.
A multifaceted topic
Financial health is about everything related to a person’s financial, personal and family situation. It ranges from preparing for retirement to investing to tax and legal issues. Let’s take the case of insurance or wills for example. We speak of bad health in case of lack of protection, absence of emergency funds or even over-indebtedness.
Annick Kwetcheu Gamo also points out that the often-used term financial literacy actually includes three factors that enable people to make informed and responsible financial choices
- knowledge
- competence
- and self-confidence
The last point is often forgotten in the equation, but it is just as important as the others.
The level of knowledge of Quebecers on the subject? “Still very low,” laments Annick Kwetcheu Gamo. However, there are signs that there is an interest, especially the multiplication of influencers who give financial advice on social networks, of very random quality.
What role for companies and HR?
Why talk about financial stress in a program dedicated to HR?
Many companies consider that it is not their role to deal with these topics. It’s about the private lives of their employees,” says Annick.
A mistake, however, according to her. On the one hand, just like physical or mental health, financial stress has a direct impact on work commitment. It therefore represents an indirect cost for the company. On the other hand, in this context of labor shortage, it can be a way for companies to contribute to the well-being of their world and to attract and retain the best talents.
For the founder of Code F, raising awareness and proactively informing managers is a first step in addressing the issue in companies. But this is not enough.
It takes individualized support. The person can open up more easily than in a group setting,” she explains.
From this point of view, HR also has a crucial role to play. Namely, to make sure that policies to help employees exist and are known to them! Knowing that the subject is relatively taboo and sensitive. It involves a psychological dimension, social relationships and the way others look at it.
To conclude, Annick Kwetcheu Gamo evokes some keys to her accompaniment. On the one hand, she always goes to the root of the problem by meticulously digging into the budget of the people she follows. But also, to know how to set goals (for example, to take a sabbatical in 5 years), to establish a budget plan accordingly and then to follow it from day to day. This is the best way to know where your money is going and for what purpose it is being put aside!
