Helping small businesses support financial confidence: introducing Sun Life Essentials

Small business owners are carrying a lot. Rising costs, economic uncertainty, and the ongoing challenge of attracting and retaining talent are all top of mind. 

At the same time, employees are looking for more support. Nearly eight in ten working Canadians (76%) want employers to play an active role in helping them build financial security.

There’s a clear expectation, but also a gap. Only 44% of workers say their employer offers a workplace savings plan.

As I mentioned, small business owners have a lot on their plate right now, and it can feel like everything is competing for their attention. Amid this pressure, businesses are thinking about how to build stable, engaged teams. Financial stress is already showing up at work, with more than a quarter of Canadians saying it’s impacting their productivity and engagement.

At the same time, employees are looking for more support. Nearly eight in ten working Canadians believe employers should play an active role in helping them build financial security.

Workplace savings plans are one way to help address both sides of that equation, supporting employees in a meaningful way, without adding complexity for employers. They can help employees feel more secure, and that matters. In fact, 87% of Canadians say employers who help workers save earn greater loyalty.

With a solution like Sun Life Essentials, it’s about taking something that can feel complicated and making it simple, giving business owners one less thing to worry about, while still offering a benefit that can help employees feel more secure. 

Sun Life Essentials™ and Essentials Plus™ are digital workplace savings solutions designed specifically for small and medium-sized businesses.

We built them with simplicity in mind. There are no set-up fees, no minimum participation requirements and no minimum contribution levels. 

Employers can apply early in the week and have a plan set up within days, without lengthy paperwork or administrative burden.

The goal is to remove barriers and make it easier for business owners to support their employees’ financial wellbeing.

With Sun Life Essentials, employees have access to features like Granite target date funds, which adjust risk over time and help take the guesswork out of investing. It’s the kind of default investment approach often seen in larger plans, now available to small businesses in a way that fits their budget and governance needs.

Employees will also benefit from Sun Life’s deep expertise as one of Canada’s leading asset managers, guided financial support and seamless experience with access to advice and digital tools that boost confidence and generate better savings outcomes. 

It’s about meeting people where they are and helping them get started.

Right now, many Canadians want to save but feel stuck. 75% say they want to save more but feel unable to do so, often due to cost-of-living pressures or a lack of accessible options. 

With Sun Life Essentials, employees can start saving right away through options like RRSPs and TFSAs, supported by a simple, digital experience and access to financial tools and guidance.  

That combination can make a real difference in helping people take the first step toward financial confidence.

Financial wellbeing is no longer a “nice to have.” Rather, it’s becoming a core expectation of modern employment and a critical factor shaping how people view their jobs, their employers, and their futures.

Small businesses employ nearly half of Canada’s workforce, but many have been underserved when it comes to workplace savings. 

By making these solutions more accessible, we’re helping close that gap, and giving more Canadians the opportunity to build financial security through their workplace.