Considering only absenseeism and work time wasted by employees dealing with financial matters at work, the Personal Finance Employee Education Foundation conservatively estimates that the total cost to U.S. employers for ignoring employees' personal financial problems is in excess of $4.5 billion annually. (See article in Business Week)
Keep in mind this number ignores over a dozen poor job outcomes that result from employees who are seriously distressed about personal financial concerns.
Many workers are saving far less in their 401(k) plan than before:
14.9% of participants decreased contributions in 2008 by an average of 6.3%; another 5% stopped contributing altogether.
15.4% of participants increased contributions in 2008 by an average of 3.2%.
Money, August 2009, pg 23
BEST QUOTE -
"If anything can help us out of this economic slump, it is happy employees. Workers who take advantage of their employer's financial education program offered through the workplace are happy employees."
Dr. Tom Garman, Augusta, Georgia
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