According to EAP provider ComPsych Corporation, calls for everything from help with debt, refinancing, and failed investments, among other issues, were up 69% between 2002 and 2003.
“Unfortunately, employees are grappling with the reality of unchecked spending,” said Richard Chaifetz, chairman and CEO of ComPsych, in a statement. “Couples in particular are dealing with exploding debt as they try to maintain two-income lifestyles, even after one partner is laid off, or is working but underemployed.”
Also, in a survey, employees also reported a disturbing picture of their personal finances. Asked how they would describe their financial situation, employees said:
- I am one major setback away from financial disaster – 27%
- I am worse off than last year, with less savings/income and more debt than before – 22%
- I am about the same as last year, with no change in savings/income or debt – 23%
- I am better off than last year, with more savings/income and less debt than before – 22%
- I am in the best financial shape ever, with bountiful reserves and very little debt. – 6%.
The survey was conducted from January 12 to 26, 2004 and covered employees of more than 700 ComPsych client companies nationwide.