Do you know the fastest-growing reason for 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 announced 69 percent jump in employee EAP use related to personal financial concerns.
The trend is not 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 average American has negative savings – in other words, debt exceeds income – in a average month.
A lot of staff members are racking up high credit card debt, make the problem worse.
Troubling trends
Here are some ominous numbers from a recent worker survey –
• 27% 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 percent say their corporation is “insensitive to their employees’ financial needs,” and
• only 6 percent said they felt comfortable with their current financial situation and ability to manage their debts.
The majority of personal-finance related employee assistance program use arises from concerns over debt management, household refinancing and/or failed investments.
Corporate Wellness Companies