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Debt Worries Weigh on Workers
Workplace Options' Survey Shows Debt's Impact on Productivity
Contact:
Christine Hall
chall@capstrat.com
919-882-1998
10 March 2009 – Raleigh, NC – The economic crisis continues to take a heavy toll on Americans daily lives and even their ability to concentrate on the job. The U.S. Federal Reserve estimates consumer debt at $963.5 billion, 98 percent of which is personal credit card debt. As financial constraints and personal debt increasingly weigh on workers' minds, the risk of burnout and lower productivity on the job is also increasing.
A new survey of working adults commissioned by Workplace Options (WPO), the nation's largest provider of work-life employee benefits, found that a growing number of employees are so concerned about their debt that it affects their ability to concentrate at work. According to the February survey, a third of respondents are experiencing difficulty paying off debt, and nearly half of them (48 percent) are so worried that it is distracting them from work or other important commitments. To view full survey results, visit www.workplaceoptions.com/polls.asp.
A recent study by Creditcards.com reports that when finances are tight, 59 percent of people would pay their credit card bills last, dealing with mortgages and utilities before paying other obligations. As consumer debts continue to pile up and stress levels rise at home and at work, getting advice and taking action are critical steps to protect credit, stay focused on what can be controlled and ensure peace of mind.
To address this problematic issue and help employees better manage their financial concerns, many employers are including financial consultation and debt management services as part of their work-life benefits programs. These financial management services can help reduce worker anxiety over the competing daily demands of work, money and family by saving time and facilitating proactive solutions.
"The emotional toll of managing debt impacts employees at all levels, and increases the risk of illness and lower productivity," said Dean Debnam, chief executive officer for WPO. "Offering employees access to debt management resources is a win-win situation that many companies are embracing, because it empowers workers to be more focused at work, be proactive with financial matters and better manage their stress."
Debt management tools offered by companies like WPO assist employees with drawing up budgets, identifying potential problems, providing tailored advice for dealing with creditors and even negotiating with creditors on behalf of employees.
Other financial consulting services, such as WPO's Advantage Financial Assist, offer employees comprehensive financial support and education to help them avoid serious financial problems and achieve long-term goals. Counselors and educators address questions on a variety of financial management issues including debt reduction, home buying, budgeting and prevention of foreclosure and bankruptcy.
In addition to financial consulting services, WPO offers a wide range of work, family, caregiving, wellness and daily living resources and solutions. All services offered are free and confidential for employees. To learn more about WPO's services or trends in work-life issues, visit www.workplaceoptions.com.
The national survey, conducted by the North Carolina firm of Public Policy Polling on February 17-18 2009, polled 1,006 working adults. The survey has a margin of error of ± 3.7 percent.
About Workplace Options
Workplace Options helps employees balance their work, family and personal life in order to make their lives healthier, easier and more productive. The company's world-class employee support and work-life services provide information, resources, referrals and consultation on a variety of issues ranging from dependent care, legal and financial issues to stress management and wellness.
Drawing from an international network of credentialed providers and professionals, Workplace Options is the world's largest integrated employee support services and work-life provider. Service centers in Raleigh. N.C., London, Toronto and Dublin support more than 32 million employees in 20,000 organizations, across 170 countries. To learn more, visit www.workplaceoptions.com.
© 2012 Workplace Options, Inc. All rights reserved.
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