911 For The Financially Distressed

In an interesting January 2008 study conducted by the Society for Human Resource Management, it was revealed that many employees are feeling financially stressed. Specifically, employers surveyed reported increases in requests which researchers identified revealed financial distress, including:

• Increases of more than 39 percent during the past 12 months in the number of employees asking for advances on 401(k) funds.
• 26 percent increases in the number of employees with wages garnished by collection agencies.
• 20 percent increases in the number of employees asking for advances on their wages.

Many believe that the sources for financial distress in today's economy is rising credit card debt, exotic mortgages, and stricter lending and refinancing options. So what hope is in sight for providing employees with relief during these times? Employer supported efforts to provide employees with education and tools for long-term financial planning.

Through EAP counseling and offering access to financial planners, an employee's efforts to obtain financial planning assistance or debt counseling can provide the relief from financial distress that if left unaddressed can result in impaired health, psyche and job satisfaction.

To learn more about financial planning and debt counseling, consider the tips offered at Solving Debt Challenges. You should also feel free to contact MMC's EAP provider LifeWorks at the link above, where you can find services as highlighted in this handy Lifeworks Services Brochure.

MMC Inc.
HR Consulting