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Industry News

 

Survey Shows Financial Worries Drive Employee Stress, Drain Productivity

Tuesday September 23, 2008

 

Raleigh, N.C. — Sept. 23
The effects of the nation's economic woes continue to reverberate on Wall Street as well as Main Street, and are affecting employees both at home and at work. A new survey conducted by Workplace Options (WPO) reflects Americans' growing sense of anxiety over finances and the troubled economic climate, and revealed that stress is taking a toll in workplace productivity.

Stress stemming from the ongoing housing crisis, retirement savings, gas prices, credit problems and managing budgets can take a significant toll on employees, draining their productivity and ability to focus. Half of the respondents said they are experiencing stress because of financial concerns, and 48 percent said that stress makes it hard for them to perform well on the job. The uncertain economic climate is also affecting long-term financial decisions.

More than a third of the respondents said their retirement plans have been altered because of this year's economic troubles, and 23 percent admitted the economy has changed their mind about buying a new home. Smaller personal expenditures are also taking a hit, with 55 percent traveling less for vacation this year.

To address this problematic trend and help employees better manage their financial concerns, employers are starting to include financial consultation services as part of their work-life benefits programs.

Although the majority of survey respondents did not have access to financial consultation services through their employer, 39 percent said it is very important for employers to provide these types of services, and 57 percent said they would take advantage of them if offered. WPO reported a 40 percent surge in calls about financial consultation services from August 2007 to August 2008.

"Financial problems affect emotional and physical health, and ultimately trickle down to the workplace, where employees must juggle these worries with hectic schedules and deliverables," said Dean Debnam, chief executive officer for WPO.

"In recent months, our clients have been particularly interested in debt, money management and credit report services. Because of the current economic pressures, employers are recognizing the value of financial consultation services to protect their own bottom line."

Financial consultation services can help reduce worker anxiety over the competing daily demands of work, money and family by saving time and facilitating proactive solutions.

The national survey, conducted by the North Carolina firm of Public Policy Polling on Sept. 21 and 22, polled 711 adults.

For more info: http://www.workplaceoptions.com