As the economic downturn trudges on, many workers are struggling with household budgets. HR pros can help by steering staff to financial counseling services available through
Six in 10 (61%) workers surveyed by CareerBuilder said they always or usually live paycheck to paycheck just to make ends meet, up from 49% in 2008 and 43% in 2007.
Thirty percent of workers with salaries of $100,000 or more reported that they too live paycheck to paycheck, up from 21% in 2008.
Some workers make ends meet by dipping into their long-term savings. A fifth said they have reduced their 401(k) contributions or personal savings in the past six months to get by. Of employees earning six figures or more, 23% reported they had put less into their 401(k)s and savings accounts.
However, 36% of workers said they don’t contribute to any kind of retirement savings plan, and 33% don’t save any money at all.
How you can help: Contact your EAP (if you have one) to find out about available financial services. Publicize them to your employees.
Consider offering in-house training or brown-bag seminars on money . Local financial services firms are almost always willing to send a speaker.
Possible topics: setting a household budget, making a savings plan, building a “rainy-day” fund and retirement investing.
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