Physical health and mental health are usually the first things that come to mind when people think about taking care of their well-being. However, there's a third pillar to a healthy, happy life that doesn't get discussed as often: financial well-being. Managing money well isn’t just about saving for a rainy day—it’s about creating security, reducing stress, and empowering yourself to make informed decisions for your future.
At GMS, we understand that finances can have a big impact on a person's overall health, in more ways than one. That's why, in addition to physical and mental wellness support, the GMS Care Network also includes virtual financial counselling services. This holistic approach to health and well-being helps our customers live well today while planning wisely for tomorrow, and it's a big part of what makes the GMS Care Network so beneficial.
In this article, we'll explore the role that insurance plays in financial planning, how financial well-being contributes to overall well-being, and how the GMS Care Network helps Canadians take control of their financial futures.
The Role of Insurance in Financial Planning
Insurance is a vital safety net for protecting your finances. Without it, a single unforeseen disaster can upend years of even the most careful financial planning. Having the right coverage means you don't have to worry about dipping into your savings when unexpected events occur. Given the fact that just a single trip to the emergency room can often cost thousands of dollars or more, this security is a vital part of good financial planning.
The Link Between Financial Planning and Well-Being
It's no secret that finances can have a major impact on a person's mental health. And since mental health is directly tied to many physical health outcomes as well, there's a direct line between finances and physical health as well.
According to FP Canada, nearly half (49%) of Canadians report losing sleep over financial stress. Of course, the known health impacts of ongoing stress go far beyond sleep loss; conditions like anxiety, depression, and even physical conditions such as high blood pressure and heart disease are all linked to stress.
That’s why financial planning is about more than just spreadsheets and budgets. It’s about creating balance in your life. When you’re in control of your finances, you’re more likely to sleep well and avoid the negative impacts of stress.
Financial Well-Being Defined
If we're going to talk about the importance of financial well-being, it's important to define what it looks like. Financial well-being doesn't mean being rich or even necessarily accomplishing all your financial goals; it means having the ability to comfortably meet all your financial commitments while still being able to deal with unexpected expenses when they arise.
It also means:
- Paying bills on time
- Having manageable debt
- Saving for short-term and long-term goals
- Feeling confident about your financial future
Building financial well-being doesn’t happen overnight, but with the right tools and support, it becomes more achievable and more sustainable.
How the GMS Care Network Supports Your Financial Well-Being
At GMS, we believe that the best way to support the well-being of our customers is to take a holistic approach. That's why the GMS Care Network includes services for supporting mental, physical, and financial health.
If you'd like to improve your financial well-being, here are all the ways that the GMS Care Network can help:
Virtual Financial Counselling
Managing finances can be complicated. Sometimes, an outside perspective and expert advice can be incredibly helpful for clearing the fog and enabling good financial decisions.
Whether you're navigating a major life change, such as a job loss, or you need help with matters like budgeting or debt management, meeting with a financial counsellor offers a lot of benefits. With the GMS Care Network, customers get access to virtual financial counselling services that include unlimited 30-minute consultations with financial experts. Whether you're just getting started or need support in a financial crisis, these consultations offer a judgment-free space to get expert advice and personalized guidance.
Legal Consultations for Financial Matters
Legal issues often go hand-in-hand with financial ones. For example, things like wills, estate planning, contracts, or bankruptcy concerns are all financial matters as much as they are legal matters. To help our customers navigate these legal issues confidently, the GMS Care Network provides unlimited 30-minute legal consultations. This access to knowledgeable legal professionals who can help you understand your rights and responsibilities can be a huge advantage when dealing with legal issues that have major financial implications.
Confidential and Tailored Support
We know financial topics can be sensitive, and everyone's financial situation is unique. That’s why GMS’s virtual counselling services are completely confidential and tailored to your unique circumstances. With the GMS Care Network, you can talk to someone who understands your goals and challenges and takes your privacy seriously—all without ever having to leave your home.
When Should You Talk to a Financial Counsellor?
There’s no wrong time to start a conversation about money. However, there are a few common life moments where financial counselling can be especially valuable. For example:
- Starting a family and needing to update your insurance or create a will
- Paying off debt and looking for budgeting strategies
- Going through a separation or divorce, which can impact income, assets, and insurance
- Planning for retirement and reviewing your retirement readiness
- Facing job loss or income reduction and needing to reassess your expenses and emergency plan
Whether you're facing a challenge or planning ahead, financial counselling through the GMS Care Network helps you take the next step with complete peace of mind.
Financial Coaching vs. Financial Advising: What’s the Difference?
Financial coaching and financial advising both aim to improve your financial health, and there's a lot in common between the two services. However, financial coaching and financial advising each take a different approach to achieving this objective:
- Financial coaching is about behaviour change. It helps you build financial literacy, improve decision-making, and create healthy money habits. Coaches support you as you work toward long-term goals, like budgeting more effectively or reducing debt.
- Financial advising typically focuses more on investment planning and wealth management. Advisors may help you buy insurance, invest in RRSPs or TFSAs, or prepare for retirement.
GMS Care Network’s financial counselling services lean more toward financial coaching, giving you the tools, education, and encouragement to make informed financial choices.
Insurance Planning and Financial Coaching: A Powerful Pair
When you combine solid insurance planning with access to coaching, you gain a powerful advantage in your financial life. Insurance planning protects you from major expenses due to health emergencies or other disasters, while financial coaching helps you manage your day-to-day finances and learn the strategies needed for financial well-being.
This combination is a big part of what makes the GMS Care Network so valuable to our customers. When you purchase health insurance through GMS, you not only get comprehensive coverage that protects you against unexpected expenses, but you also get access to financial counselling services that can further improve your financial security.
Why GMS Cares About Financial Well-Being
At GMS, we believe that taking care of your finances is part of taking care of yourself. That’s why our insurance products go beyond coverage. Through the GMS Care Network, we support your whole health—mental, physical, and financial—because we know these parts of life are deeply connected.
Offering financial counselling at no additional cost is just one of the ways we’re committed to helping Canadians live well. Whether you're working to pay down debt, planning for retirement, or just looking for peace of mind, GMS is here to help you every step of the way.
Take the First Step Toward Financial Wellness
Achieving financial well-being doesn't have to be overwhelming. With the right insurance plan and access to financial counselling services, you can take the first step toward a better financial future and a happier, healthier life.
If you’re a GMS customer, don’t forget to take advantage of the GMS Care Network and its virtual financial counselling services. It’s there to support you when you need it, because financial well-being is a key part of overall health.
Learn more about the GMS Care Network and how it supports you at every stage of life.