A new survey says employees who have money problems at home are also struggling at work
A recent survey of HR professionals points out a couple of stunning ironies:
- Even though the recession is officially over, nearly 40 percent of workers face more financial challenges now than they did at the onset of the recession in 2007.
- Many employees with money problems aren’t interested in financial wellness programs. “One reason: They are often seen as too costly,” the survey says.
The irony, of course, is that employees have access online to many free tools that can teach them how to stretch their dollars and avoid debt. Consolidated Credit is just one of the many sources for these tools.
Conducted by the Society of Human Resource Management (SHRM), the survey revealed an even greater irony: Workers with money problems at home perform poorly on the job – which means they won’t get the raises they so desperately need, and may even lose their jobs and the income from them.
What it means and what can be done
That troubles Gary Herman, president of Consolidated Credit, whose company has helped 5 million Americans get out of credit card debt over the past 20 years.
“We’ve said for years that personal credit card debt isn’t personal – it’s national. One person’s debt affects not only that individual, but also his family,” Herman says. “This survey only confirms what we already knew: It also affects his job, his coworkers, and his company’s bottom line.”
So what should be done? Businesses must get involved, says Shawn Gilfedder, president and CEO McGraw-Hill Federal Credit Union, sponsor of the SHRM survey.
“Business leaders should be troubled that many of our nation’s workers continue to face financial hardships and related stress, especially during working hours,” Gilfedder says. “Companies can and should take action to help employees effectively address their financial concerns, which will help improve the lives of workers and their families and also help strengthen company performance.”
Consolidated Credit offers advice on numerous topics like how to budget, and hasa host of financial tools and booklets for free. If you need help managing your finances, our certified credit counselors are always happy to take your call.