UBC's benefits and pension plans may help support you in financial planning and managing your finances
It seems like 2025 ushered in a period of financial uncertainty. While inflation, tariffs, and increasing financial complexity aren’t within our individual control, we can empower ourselves by improving our financial literacy. Thankfully, UBC has a range of resources, programs, and plans to help you understand, plan, and manage your finances.
When you improve your financial literacy, you have the knowledge to make better financial decisions. Whether it's budgeting for your monthly expenses, saving for a rainy day, or investing in your future, knowing more about your personal finance can make a huge difference. By improving your financial literacy, you can avoid common financial pitfalls and build a secure foundation for your future. Plus, in times of economic uncertainty, being financially savvy can boost your financial resilience and stability.
Financial literacy for your day-to-day: free financial advisors and workshops
Free financial advisors
Did you know UBC faculty and staff now have unlimited access to financial advisors through our Employee and Family Assistance Program provider, GreenShield Health (GS)? Book a consultation with a GS financial advisor to start planning or revisiting your plans for your financial future for you and your family. Please note these services are not intended to be full-service offerings, particularly if you are dealing with a complex case. These services are a great way to get short- and medium-term assistance and to discuss what additional services are needed to assist you.
Not sure how to access our EFAP? Sign up to get started.
Take a financial literacy workshop
Not quite ready to speak with someone directly about your finances? If you are just keen to learn a little more about your finances, then the upcoming series on financial literacy might be just the thing for you.
Financial Wellness: Managing stress through strategic planning
Whether balancing day-to-day expenses, planning for major life milestones, or preparing for retirement, this workshop will equip you with the tools to confidently navigate your financial journey.
- Date: Thursday, April 24, 2025
- Time: 10:30–11:30 am
Financial literacy for the long-term: insurance options for peace of mind
Insurance
Financial resilience can give you peace of mind in troubling times. One of the best ways to ensure a level of financial resilience is to take steps to understand the benefits that are available to you to meet your needs.
UBC offers Basic Group Life insurance for eligible faculty and staff to help ensure your family has a financial safety net by paying a sum of money (benefit) to your designated beneficiary(ies) in the event of your death. UBC also provides Disability insurance that provides a monthly income for those who are unable to work due to illness or injury during and following the completion of the plan’s waiting period.
Both the Basic Group Life and Disability Insurance plans are mandatory and you are automatically enrolled if you are eligible. UBC pays 100% of the basic life insurance premium, and you pay 100% of the disability insurance premiums which ensures the approved income benefit you receive will be non-taxable. Although you are automatically enrolled in these benefits, you must designate your basic group life insurance beneficiary(ies) in Workday.
You can apply for Optional Life insurance and Accidental Death and Dismemberment insurance to supplement your basic insurance plan. Applications for the optional life insurance plans require the completion of a health questionnaire and are subject to approval by Sun Life. These optional life insurance plan premiums are 100% employee-paid but represent a cost-effective way to ensure you have the right level of coverage.
Understanding your insurance options is a key aspect of financial literacy as it equips you with the knowledge to make informed decisions that can significantly impact your financial security and that of your loved ones.
Tip: While your mind is on your insurance, you might like to check your beneficiary information is up to date. Take a look at Edit Dependent or Beneficiary Information in the Workday Knowledge Base for guidance.
Financial literacy for your retirement: Faculty and Staff Pension Plans
Did you know that only 46% of Canadians have access to some type of employer-sponsored pension plan?
UBC’s pension plans are valuable benefits offered to eligible UBC faculty and staff. During your career, it’s important to become familiar with the pension plan you belong to, so that you understand your entitlements, responsibilities, and what to expect in retirement. It’s never too early — or too late — to plan for your future.
Get to know your pension plan with the following educational offerings:
UBC Staff Pension Plan
New to the Plan? Visit the SPP New Member page
Want to go into more depth? Register for an SPP workshop
Prefer to learn with your colleagues? Let the SPP come to you! Contact margaret.leathley@ubc.ca to arrange a Get Educated pensions seminar for your department/unit.
Approaching retirement? Book a one-on-one Retirement Information Session — you can even bring your spouse. Reach out to margaret.leathley@ubc.ca.
UBC Faculty Pension Plan
New to the Plan? Visit the FPP Overview page or watch an introductory video
Want to go into more depth? Register for an FPP seminar
Interested in your investments? Review the FPP Investment Education articles and subscribe to the quarterly FPP Investment Bulletin
Not sure which pension plan you belong to? Take a look at how to Review your Benefits in the Workday Knowledge Base. Your pension plan can be found under the Insurance and Retirement section.
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