Most Employees Worried About Personal Finances

Financial worries are up, according to Adam Gotskind, director of legal information services for ComPsych – a leading provider of employee assistance program benefits for the nation’s businesses.

High levels of personal debt are one reason. According to CardWeb.com, the average household has at least one credit card and carries more than $9,200 in credit-card debt. Even with no additional charges, it would take a cardholder making minimum payments 389 months and $10,505 in interest to kiss that debt goodbye.

The debt stress follows employees to work. One-third of workers report that money worries hamper their job performance. Not surprisingly, managing finances has become a common workplace activity. Three-quarters of U.S. workers now report managing their finances from work.

With wage growth barely keeping up with inflation, employees are feeling even more burdened by the combined weight of personal debt and higher costs of living – a situation exacerbated by record levels of consumer debt, rising gas prices and higher out-of-pocket medical costs. Are your employees any different? Probably not.

Do they spend more than they earn? If so, they may not participate at the level they should in your 401(k) plan. The Benefit Advocates can tailor an educational program about money, spending and debt geared to your employees.

Contact us for more information, 1-800- 344-5677, or 721-2029 in Winston-Salem.