Health And Wellness In The WorkplaceHealth And Wellness In The Workplace

Do you know the fastest-growing reason for employee assistance program (EAP) use since 2003?  

It isn’t for substance abuse or depression. Actually, it’s financial in nature. Over the last five years, there’s been a stated 69% jump in employee EAP use related to personal financial concerns.

The trend isn’t all that surprising in this era of salary freezes, high deductibles and cost-sharing of benefits premiums.

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.

A lot of employees are racking up high credit card debt, make the problem worse.

Troubling trends

Here are some ominous numbers from a recent staff member survey –

• 27 percent of respondents said they were “one major setback away from financial disaster”

• 22 percent say they were “worse off than last year, with less take-home income and more debt”

• 40% say their company 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 employee assistance program (EAP) use arises from concerns over debt management, household refinancing and/or failed investments.

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