Posted by admin | Posted in Employee Wellness, wellness program | Posted on 29-11-2010
The fastest-growing use of EAPs since 2002 has been tied to employees’ financial worries.
Over the last five years, there’s been a announced 69% jump in worker employee assistance program use related to personal financial concerns. The trend is not all that surprising.
Statistics show that, for the first time since the Great Depression, the typical American has negative savings – in other words, debt exceeds income – in a typical month.
With salaries frozen in many organizations and many staff racking up higher and higher credit card debt, the problem may continue to get worse.
Troubling trends
Here are some ominous numbers from a recent employee survey –
• 27 percent of respondents said they were “one major setback away from financial disaster”
• 22% say they were “worse off than last year, with less take-home income and more debt”
• 40 percent say their employer is “insensitive to their employees’ financial needs,” and
• only 6% said they felt comfortable with their current financial situation and ability to manage their debts.
The majority of personal-finance related EAP use arises from concerns over debt management, household refinancing and/or failed investments.