According to the survey by the employee assistance program company, nearly a quarter (24%) of employees are in the same financial position as they were last year and 26% said they were worse off, with less savings/income and more debt than before.
Still, 16% said they are better off this year than they were last year and 4% said they were in the best financial position than they’ve ever been in, with bountiful reserves and very little debt.
“Market volatility has caused new uncertainties
while wage growth has remained tepid. There is also a
segment of the employee population in a precarious
position with regard to mortgage payments – – our
financial experts have fielded three times the normal
amount of calls related to mortgage problems this year,”
said Richard A. Chaifetz, chairman and CEO of ComPsych,
in the press release.
The survey was conducted from July 13 to August 8, 2007, receiving responses from employees of more than 1,000 ComPsych client companies nationwide.
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