Credit Crunch Weighing on Workers

LONDON - The credit crunch continues to take a heavy toll on Britons’ daily lives
- and even their ability to concentrate on the job. At the end of January
2009, the Bank of England estimated total UK personal debt at GBP1,457
billion, GBP53 billion of which is personal credit card debt. To add to those
sobering figures, Credit Action recently found that consumer borrowing
through credit cards, motor and retail finance deals, overdrafts and
unsecured personal loans has risen to GBP4,870 per average adult. As these
compounding financial constraints and personal debt increasingly weigh on
workers’ minds, the risk of burnout and lower productivity on the job is also
increasing.

To address this problematic issue and help employees better manage their
financial concerns, many employers are including financial consultation and
debt management services as part of their work-life benefits programs. These
financial management services can help reduce worker anxiety over the
competing daily demands of work, money and family by saving time and
facilitating proactive solutions.

Employee Advisory Resource (EAR), one of the U.K.’s leading providers of
Employee Assistance Programmes (EAPs) and integrated work-life services,
assists employees with financial concerns and can empower them both at home
and at work. EAR’s experts help employees with drawing up budgets,
identifying potential problems, providing tailored advice for dealing with
creditors and even negotiating with creditors on behalf of employees. Other
financial consulting services, such as EAR’s Advantage Financial Assist,
offer employees comprehensive financial support and education to help them
avoid serious financial problems and achieve long-term goals. Counsellors and
educators address questions on a variety of financial management issues
including debt reduction, home buying, budgeting and prevention of
foreclosure and bankruptcy.

“The emotional toll of managing debt impacts employees at all levels, and
increases the risk of illness and lower productivity,” said Alan King,
president and managing director for EAR. “Offering employees access to debt
management resources is a win-win situation that many companies are
embracing, because it empowers workers to be more focused at work, be
proactive with financial matters and better manage their stress.”

In addition to financial consulting services, EAR offers a wide range of
work, family, caregiving, wellness and daily living resources and solutions.
All services offered are free and confidential for employees. To learn more
about EAR’s services or trends in work-life issues, visit www.ear.co.uk.

Source: Employee Advisory Resource

Tim Cuthell (UK), +44-7787-124082, Tim.Cuthell at ear.co.uk