More Than Half of Employees Say They Are 'Worse Off' Financially Than Last Year
CHICAGO, November 28, 2005 - Some 52 percent of employees say they are financially worse off than last year, according to a Tell It Now(SM) survey conducted by ComPsych Corporation, the pioneer and worldwide leader in GuidanceResources(R) (employee assistance programs, behavioral health, work- life, wellness and crisis intervention services).
"There are three factors that have contributed to this lack of financial health: stagnant wages, overreliance on credit and the rising cost of living, particularly in gas prices," said Dr. Richard A. Chaifetz, chairman and CEO of ComPsych. "As we are now in the holiday retail season, there is potential for accumulating even more debt, which will be felt more keenly through increased minimum payments on credit cards.
"Financial stress can be very disruptive to employees' lives -- collections agencies can actually call debtors at work," he added. "Now is a good time for employers to encourage workers to contact their employee assistance program for confidential, objective help in planning and budgeting."
When asked how they would describe their financial Point Change situation, employees replied: |
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| Replied | Situation | Point Change from 2004 |
| 28% | I am worse off than last year, and one major setback away from financial disaster. | +1 |
| 24% | I am worse off than last year, with less savings/income and more debt than before. | +2 |
| 14% | I am about the same as last year, with no change in savings/income or debt. | -9 |
| 27% | I am better off than last year, with more saving/income and less debt than before. | +5 |
| 7% | I am in the best financial shape ever, with bountiful reserves and very little debt. | +1 |
The survey was conducted from Sept. 1 to Oct. 1, 2005, receiving responses from employees of more than 1,000 ComPsych client companies nationwide.
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