10-4-2004
Many employees are near financial disaster

Despite several economic indicators pointing toward national economic recovery, employees do not seem to be feeling the relief, as calls to employee assistance programs (EAP) from workers seeking financial assistance and counseling have skyrocketed, according to EAP provider ComPsych Corporation.

Finance-related calls to ComPsych are up 69 percent over last year, with most asking for help dealing with debt, refinancing and failed investments, officials say.

Further, a ComPsych poll reveals 22 percent of employees say they have less in savings and more debt than ever, and more than one-quarter (27 percent) report being just one setback away from financial disaster.

Many might think such problems would be a case for a financial planner rather than EAP. However, many more employers offer workers free access to EAPs than financial planners.

Also, employees often need assistance in dealing with depression, anxiety and marital or family issues that off-shoot from financial problems, which is why EAPs can be of such assistance.