Recently I was honoured to assume a leadership role at Marmot Benefits. I want to take this opportunity to introduce myself to our customers and partners to describe my enthusiasm with this company and team.   

Debt is a growing problem in Canadian workplaces – no shocker there. 60% of post-secondary graduates entering the workforce carry a student loan while 36% of current employees have a mortgage. This escalating debt situation is not good for workers or their employers.   

As a parent of university students, I have intimate knowledge of high educational costs. Previous generations managed with a summer job to cover living and tuition costs, with a small amount tacked onto a student loan. When I entered the working world, my student loan took less than 3 years to retire.  

Today’s students clearly face a very different financial situation compared to their parents. Summer employment might cover tuition - forget about living costs or a pinch of entertainment. The bulk of the 2024 educational bill will become student debt, an amount that has increased by over 50% in the last 20 years.   

The mortgage debt story unfortunately is no better. I bought my first house at 30 with an average mid-level manager salary. My 1950s era bungalow included a garage, a nice yard and was walking distance to the university, hospitals and the city rail transit system.  

The financial burden for my first foray into the world of mortgages was 2.8X my salary. Fast forward to 2024 and the average working 30yr old purchasing an equivalent house, will pay closer to 9X their salary!  

Stratospheric education and home prices are driving a debt crisis for workers. Financial stress has real consequences including lower employee retention, workforce mental health and productivity related issues. 

Marmot was founded to provide employers with innovative debt repayment solutions to help workers improve their financial futures. Working with Marmot delivers meaningful benefits for employees to pay down their debt loads faster, placing them onto the path of building for retirement.   

I love solutions that just make sense and where everyone wins. 

- Rob