The Financial Distress Challenge: In today’s economy many of your employees are experiencing financial distress.
Employee financial problems cost employers:
· Lower productivity
· Increased absenteeism
· Increased turnover
· Decreased employee health
· Poor work environment
The numbers are alarming:
Almost 2/3 of Americans (61%) report having serious financial problems. 1
Less than 1/3 of employees (29%) have savings to cover six months of living expenses. 2
Just over 1/2 of American families have a retirement account. 3 (Median value just $43,000.) 4
Businesses are experiencing increases in:
Employees asking HR for financial help.
Wage garnishments by debt collection agencies.
Employees asking for pay advances.
More employees than ever are interested in obtaining advice and guidance from their employers for financial problems. 5,6
The good news is Abundant Prosperity Associates can assist you in improving your employees’ financial wellbeing by providing them with much needed financial education. Your employees will learn how to apply sound principles of debt elimination, practical spending, investing and wealth accumulation to become responsible stewards of their financial future.
The next step is simple: Let’s get together and talk. We’ll meet with you at your convenience to discuss our Financial Education in the Workplace programs in detail. We’ll answer your questions and see how your organization might benefit from holding a class designed for your employees’ needs.
1. Kaiser Family Foundation, April 2008 Survey
2. Principal Financial Group, 2008 Survey of Companies with 10-1,000 employees.
3. Federal Reserve 2007 Survey of Consumer Finances.
4. Bucks et al., 2009
5. MetLife Study of Employee Benefit Trends, 2008
6. HR Magazine – “Easing the burden of employees’ debt”, Weaver, P., and Rollins, G. (2008)