Financial Stress Is 'Significant' for Majority of Workers, LifeCare® Poll Finds

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This release shares the results of a poll asking workers a series of questions about their financial concerns and how employers can help.

For instance, we've already worked with a few organizations to administer emergency assistance programs and others have asked us to deliver customized, onsite seminars and workshops on a regular basis.

More than 90 percent of American workers are stressed about their personal finances (with 57 percent describing their stress as "significant"), most of this stress is related to their ability to pay monthly bills, and the type of support they desire most from employers is emergency financial assistance. These are the key findings of a recent online poll by LifeCare®, Inc., a leading provider of health and productivity solutions for employers nationwide.

The poll was conducted throughout the month of November on LifeCare's private web site, where employees of its 1,500 client organizations were invited to respond. Here are the full results of the poll:

Rate your stress level regarding your personal finances:

  • Significant – 57%
  • Moderate – 36%
  • Low – 7%
  • None – 0%

What financial issue causes you the most stress?

  • Paying monthly bills/cost of living – 61%
  • Investment decline – 13%
  • Credit concerns – 9%
  • Potential job loss – 6%
  • Mortgage issues – 6%
  • Other – 5%

What financial resources could your employer offer that would reduce your stress?

  • Emergency financial assistance – 34%
  • On-site individual financial counseling sessions – 21%
  • Training opportunities to improve your employment value – 12%
  • Financial advice seminars – 11%
  • Information about investment and savings strategies – 10%
  • General stress reduction strategies – 7%
  • Other – 5%

"It's not surprising that people are feeling stressed about their finances these days but the fact that so many people describe their stress level as 'significant' is reason for concern," said Peter G. Burki, LifeCare's CEO. "From an employer's perspective, stress is bad business because it's such a tremendous drain on health and productivity. Stressed employees experience more health problems and file more claims and they're less effective at their day-to-day tasks. To do nothing about this level of widespread, significant stress is definitely not the wisest course of action."

Fortunately, Burki added, there are programs and resources designed specifically for employers to help workers cope with financial challenges. For example, LifeCare offers clients a comprehensive suite of financial tools and resources including financial counseling on credit and debt issues; information on how to take advantage of state and county programs (e.g., child care subsidies, utility assistance programs, rental assistance programs, food stamps, etc.); and a host of online resources such as interactive calculators and quizzes, a library of guidebooks and articles, audio and video tips, podcasts and more. It also provides stress management resources and 24/7 counseling via its award-winning Call Center.

In addition, LifeCare is now delivering to clients a series of 15 new seminars created by award-winning journalist and nationally recognized financial expert, Jean Chatzky. The seminars, available exclusively through LifeCare, focus on debt, financial planning and successful money management. They offer practical strategies for reducing debt, living within a budget, shopping for mortgages, improving credit, planning for retirement, investing wisely and more. Some seminars focus on providing guidance to women and single mothers, in particular.

"Some of our leading clients have been quite proactive on this issue," Burki noted. "For instance, we've already worked with a few organizations to administer emergency assistance programs and others have asked us to deliver customized, onsite seminars and workshops on a regular basis."

Each month, LifeCare posts a poll on its private web site, asking individuals to share their thoughts and opinions on the latest issues and work/life trends. Past polls have addressed topics such as productivity, work/life balance, healthy aging, flexible work arrangements, and child and elder care needs.

About LifeCare®, Inc.
LifeCare offers cost-saving benefits that help clients reduce their most pervasive absenteeism and productivity drains, including child and elder care, caregiving support, health and wellness issues, and more. For more than two decades, LifeCare has led the work/life industry in the creation of high-quality, results-oriented programs designed to improve clients' bottom line. LifeCare serves 1,500 client companies with 4.5 million individuals within corporations, health plans, government agencies and unions. For more information, visit http://www.lifecare.com.

Notes to Editors:

LifeCare's CEO, Peter G. Burki, is available for interview.
Media contact: Michael Civiello; 203-291-4170

This press release was distributed through eMediawire by Human Resources Marketer (HR Marketer: http://www.HRmarketer.com) on behalf of the company listed above.

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