"Financial Distress Taking Toll on Employee Health"
E. Thomas Garman, President, Personal Finance Employee Education Foundation, 2009
A survey conducted by Personal Finance Employee Education Foundation (PFEEF)
shows poor financial health of employees negatively impacts productivity in the
workplace. “Financially distressed employees have trouble functioning in their jobs, and
this is hurting their health as well as taking a bite out of the employer’s bottom line,” says
Dr. E. Thomas Garman, president, Personal Finance Employee Education Foundation
(PFEEF).
"Employees’ Financial Fluency Requires Ongoing Communication"
Susan Windham, The EDSA Group, 2009
Have you ever attended a meeting to learn how to do something, only to leave not knowing where to begin? Unfortunately, such experiences aren’t unusual. Much of what is promoted as education is really one-way communication. Such sessions are presentations, not educational encounters, and the speaker gives a monologue rather than establishing a dialogue with the audience.
"Increasing Financial Literacy for College Students: A Crucial Retention Tool"
Susan Windham, The EDSA Group, 2009
Ideally, students would be financially literate when they enter the world of higher education; however, several recent studies indicate the opposite is true—students are woefully unprepared to manage their finances while in college. Unfortunately, such financial illiteracy often leads to financial crises resulting in reduced retention rates. In fact, financial trouble is the leading reason for dropouts—even more than academic failure.
"2009 Retirement Confidence Survey"
Employee Benefit Research Institute, 2009
Worries about the economy and health care costs have caused Americans’ confidence in their ability to retire to drop to the lowest level since the Retirement Confidence Survey was first administered in 1993. This year’s survey found workers are changing their expectations about retirement and trying to become more financially prepared, but their unrealistic assumptions and planning are setting them up for failure.
"Financial Problems May Harm Employee Productivity"
Philip J. Fogli, Employee Benefit News, 2008
Employee productivity and morale are impacted by personal financial issues. Financial education can help employees feel secure and protected from many of life's negative events, which could result in increased productivity and reduced health issues.
"Majority of Americans Still Have no Retirement Plan"
Rebecca Moore, Plansponsor, 2008
Ownership and assets in both 401(k) retirement plans and IRA’s have risen, but the majority of Americans still do not have a retirement plan.
"Workers Delay Retirement Because of Debt"
Jessica Marquez, Workforce Management, 2008
A recent study by a St. Paul, Minnesota-based retirement services provider shows that personal debt is affecting individuals’ ability to retire.
"Survey: 1 in 10 boomers borrowing for everyday expenses"
Ellen Simon, AP Business Writer, 2008
The economic downturn is impacting middle-aged and older Americans particularly hard, forcing them to borrow money for everyday living expenses and to seek help from family and friends.
"The Economic Slowdown's Impact on Middle-Aged and Older Americans"
Jeffrey Love, AARP, 2008
A nationwide survey was conducted by AARP to determine how people age 45 and older are responding to the current economic slowdown.
"Fewer Options Open to Pay for Costs of College"
Alan Finder, The New York Times, 2008
With student loan companies in chaos and banks tightening their standards and raising rates on other types of borrowing, parents and students will have to plot an unfamiliar and difficult route when it comes time to pay for college this year.
"The 401(k) Effect: Employees Who Won’t Retire"
Mark Bruno, Financial Week, 2008
New study reveals that workers whose non-Social Security retirement incomes are primarily derived from 401(k)s are significantly less likely to retire than workers who are covered by a defined-benefit plan.
"Private Sector: Americans Professionally Astute, Financially Frail"
Eric Dickerson, Pittsburgh Post Gazette, 2008
While employees in America may be highly skilled professionally, they are still lacking essential financial skills. Furthermore, employers are continuing to ignore the problem, even with evidence that employees' poor financial behavior negatively affects their bottomlines.
"Fewer Employees Convinced They Can Retire Comfortably"
Workforce Management, 2008
The 2008 Retirement Confidence Survey found that the percentage of workers who are very confident about having a comfortable retirement continues to decline, down to only 18 percent. This lack of confidence can be viewed as a good thing because workers are finally realizing that they need to step up their retirement savings.
"Making the Case For Financial Literacy-2008"
Jump$tart Coalition, 2008
Making the Case 2008 is a compilation of recent personal finance statistics gathered from various sources.
"When Credit Traumas Have Workers Down in the Dumps"
Brian Womack, Investor's Business Daily, 2007
With the housing crisis and credit problems raising stress levels, employees aren't leaving their troubles at home. Their worries are following them to their workplace and costing their employers money. Some companies are looking to financial education for help.
"2007 Top Five Total Rewards Priorities"
Deloitte Development LLC., 2007
Keeping consistent with past years' survey findings, the 2007 survey found 80 percent of respondents ranked controlling health care costs as one of their top priorities.
Fiscally Fit: Financial Wellness Goes Mainstream
Wellness Councils of America, 2007
This comprehensive report from the Wellness Councils of America focuses on the strong connection between financial stress and physical health, as well as the resulting healthcare costs.
Fidelity Research Institute 2007 Retirement Index
The Fidelity Research Institute; March 2007
Baby Boomers are the MOST prepared for retirement, on track to replace only 62% of current income! This is a dramatic under-funding; the estimated need is at least 75% of current income - and current retirees are reporting the need to be much!
Changes in Health, Negative Financial Events, and Financial Distress/Financial Well-Being for Debt Management Program Clients
Barbara O'Neill, et al, Association for Financial Counseling and Planning Education; 2006
"This study explored the relationship between health and financial distress/financial well-being and differences in health based on (a)time spent in debt management program and (b)occurrence of negative financial events."
Financial Stress: How It Affects You and What You Can Do
Elizabeth Scott, About.com, Stress Management; Updated March 2006
Anxiety from financial problems can cause physical reactions. This article states, "Research has shown that over half of all workers have money problems and that financial stress is linked to health problems like depression." Find out the harmful effects and how to handle them by taking control of personal finances.
2006 Retirement Confidence Survey
Conducted by the Employee Benefit Research Institute; April 2006
“A large majority of Americans expect to enjoy a comfortable retirement, but many have not taken the actions needed to turn their aspirations into reality and face the prospect of having to work far longer than they expect, according to the 16th annual Retirement Confidence Survey.”
Baby Boomers Forced to Retire Too Early
BenefitNews.com Connect; December 2006
This article highlights the findings of a recent survey by Sun Life Financial: many workers are being forced into retirement much earlier than they expected, emphasizing the need to help employees be financially prepared.
Top Five Total Rewards Priorities for 2006
Conducted by the International Society of Certified Benefit Specialists and Deloitte & Touche LLP
This 2006 survey shows that retirement is the number one priority for employees, while cost containment and the attraction and retention of a talented workforce has become a bigger issue to employers than in past years.
Money Worries Hinder Job Performance
Stephanie Armour, USA TODAY; October 2005
This article underscores the link between financial stress and physical health as it shows the effects of stress in the workplace, including lack of motivation, difficulty concentrating, and workplace accidents.
Financially Distressed Consumers: Their Financial Practices, Financial Well-being, and Health
Barbara O'Neill, et al, Association for Financial Counseling and Planning Education; 2005
This study examines the correlation between health and financial well-being of financially stressed consumers who participated in a debt management program. Forty-two percent of respondents reported that their financial problems affected their health.
Core Practices: Is Health a Part of Your Safety Process?
Michael Topf, OccupationalHazards.com; February 2004
Stress can cause employees to be a danger to a company’s property, equipment, co-workers, and themselves! Each worker’s health can affect his ability to concentrate, focus, stay in balance, sustain energy levels and do what he needs to do to protect himself and his co-workers.
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