The links between better health and financial security are well established, but how can plan sponsors prompt better behaviour?
As the conversation around what an ideal retirement looks like continues to evolve, one retirement leader believes the relationship between health and wealth should be inseparable and personal for plan members.
After all, Dave Jones’ alignment with Sun Life as the organization’s senior vice president of group retirement services comes from a mission “to help our clients achieve lifetime financial security and live healthier lives.” But for him, it’s more than corporate rhetoric.
He internalizes it, emphasizing that for most Canadians, financial and physical well-being are deeply connected. When people are under financial pressure, their health suffers. Not just physically, but mentally and emotionally as well.
“Most of us just think health and wealth are completely intertwined but it's really a challenge to have great health when you struggle with the financial side of life,” said Jones.
He pointed to data from the Financial Post’s 2025 Financial Stress Index that found 42 per cent of people say money is their primary source of stress. Meanwhile, the Financial Consumer Agency of Canada previously reported that financially stressed individuals are twice as likely to report poor overall health and four times more likely to face issues like sleep disturbances and serious illness.
Jones believes financial security is a foundation, not a luxury. When people have a plan for the future, they’re not just more confident about retirement; they’re also more likely to invest in their health today. The reverse also holds as poor health can erode financial stability, creating a cycle that’s hard to break.
“We know 80 per cent of Canadians feel more confident in their retirement if they have an actual plan but I think we rely on a healthcare system that we've grown up with and we're comfortable with. It’s a phenomenal healthcare system, one that many countries around the world envy. But at the same time, we also need to plan for a future that includes investing in our health, and when we don't, there's a gap. And then the reverse is true. When you're not healthy, it can be tough to do those things,” noted Jones.
That’s why Jones believes plan sponsors hold significant power and responsibility when it comes to shaping the financial and physical well-being of their workforce. From his vantage point of overseeing a range of employer plans, those who approach health and wealth as a unified priority are far better positioned to deliver meaningful support to their employees.
“If they're thinking about their employees' health and wealth holistically, they're already off to a great start because what follows is their programming will likely match that belief that the two are intertwined,” he said, adding that mindset tends to influence how benefits and savings programs are structured, in a way that acknowledges real-life challenges and reduces friction for employees.
Yet, Jones sees inertia as a major obstacle in retirement planning as many employees struggle to take the first step but it's here that plan sponsors can play a crucial role. He emphasized the importance of digital access, not just for convenience, but for impact. Making tools easy to navigate and engage with can lower the psychological and logistical barriers to saving. And personalization is essential as “everybody is different and has different needs,” he said.
While some people may prefer digital, AI-driven advice, others need to speak to a real person, whether online or in-person.
But Jones emphasized that plans who offer both flexibility and tailored advice, whether someone is just entering the workforce or approaching retirement, are more likely to meet those diverse needs effectively.
Even at a minimum, employers can give workers access to savings platforms, digital tools, and lower-cost investment options that are difficult to find in the retail market.
“Just offering a group RRSP as an employer that you don’t contribute to allows access to plans for your employees and the ability to plan for retirement,” he added.
Jones believes that sponsors can - and should - do more than just offer access. With risks like inflation, volatile markets, and unexpected life events now squarely on employees’ shoulders, providing a group benefits plan alongside retirement tools becomes even more critical. These offerings don’t have to be financially subsidized to be valuable but simply making them available can help employees manage through uncertainty.
These include offering integrated benefits that combine health care and retirement savings and using auto-enrollment and auto-escalation features to encourage participation. Additional support like virtual care, chronic disease management, and access to target date funds can improve outcomes, while seamless digital platforms make it easier for employees to track progress and monitor savings.
Still, access remains an issue as only 37 per cent of Canadians have a workplace savings plan today. And with five million Canadians expected to reach retirement age this decade, Jones wants to streamline the entire savings journey. His goal is to make retirement planning more accessible and more effective, starting with simplicity. He emphasized that “when you plan for retirement, you generally have better results in retirement.”
As for whether workplace pensions are a complete solution, Jones doesn’t think so but noted they are essential. Retirement needs vary dramatically by individual, making averages largely irrelevant.
“Your workplace-provided pension plan needs to form a piece of your retirement planning,” he said, noting that government benefits and personal savings will also play a role, but employer-sponsored plans remain a critical pillar.
