Employees' financial woes hurt workplace bottom line

McLEAN, Va. (9/12/07)--Financial worries--mainly from the recent surge in foreclosures and defaults on credit cards--are spilling over into the workplace. The result: An increase in absenteeism and decrease in productivity. The good news, though, is that the problem has opened the doors for much-needed workplace financial education (USA TODAY Sept. 5).

Most workers can't leave financial stress at home--they may bring it to work in the form of anxiety and different degrees of depression, with significant negative effects to a company's bottom line.

Financial education at the workplace is not a new concept but has grown more popular in recent years. Studies during the past decade--by American Express and by Deloitte and Touche--revealed that 85% of employees want to receive financial information in the workplace, and four of workers' top five benefits concerns relate to financial planning. Another study by the Principal Financial Group revealed that more than a third of employees are concerned about being able to pay for basic necessities in retirement.

The workplace is perfectly positioned to host financial education--such as lunch 'n' learn seminars--particularly for busy adults who can't find time to attend evening seminars.

Check whether your employer offers financial education and, if so, take advantage of it. Suggest topics that are of interest to you and your co-workers. If there's no one on staff to facilitate seminars, suggest that your employer or Employee Assistance Program representative contact the local Extension office or Consumer Credit Counseling Service for unbiased financial education.

For more information, read "Lenders, Counselors Help Homeowners Avoid Foreclosure" in Home & Family Finance Resource Center.

courtesy of cuna.org