askAFS News

“One in four workers are seriously financially distressed or overwhelmed with their personal finances.”

Personal Finance Employee Education Foundation study, 2009

Financial stress is at an all time high. A recent study by (PFEEF) confirms what we all suspected – people need help more than ever sorting through tough financial decisions – especially now after an unprecedented recession. Financial concerns rank among the most distracting and damaging issues for individuals and their families. It’s distractions directly impact individual’s health, productivity, absenteeism and presenteeism. Add to that soaring bankruptcy rates, dropping investment values, escalating job losses and foreclosures – no wonder financial stress is increasing at a rate not seen in years. With all of these problems, many are asking themselves, “Where are the solutions?” “Who can help me?” askAFS is the solution. We’ve been providing answers individuals need for over 25 years.

“Thirty-two percent of executives ranked the toll on productivity caused by personal financial problems as the most pressing, overlooked workplace issue.”

Cambridge Human Resources Group

Thirty to 80% of financially distressed workers spend time at their place of employment worrying about personal finances and dealing with financial issues instead of working. These people often admit that their concerns about personal finances interfere with their work. They may take time from work to talk with co-workers about personal financial problems, communicate with creditors about past due payments, pay personal bills, balance a checkbook, or talk to a lender about a debt consolidation loan. They may pay bills while at work. Because of their financial distractions, they often report they are unable to carry out their normal responsibilities, have to cut down their workload, and are not able to accomplish as much as usual. This cycle further interrupts employee performance, workplace attendance and poses greater financial burdens compiling stress and financial pressures. Personal financial distress, therefore, negatively impacts employers. With all of these problems, many are asking themselves, “Where are the solutions?” “Who can help me?” askAFS is the solution. We’ve been providing answers individuals need for over 25 years.

“One-third of employers report increased demand from employees for financial education.”

Society for Human Resource Management, April 2010

Getting help through the workplace. Seeking help from one’s employer is an option for many financially distressed individuals. Federal Reserve Board Governor Edward M. Gramlich remarked that employers should make financial education for their employees a lifetime responsibility.” Other experts observe that “Comprehensive financial education programs in the workplace provide a wide range of curricula that can better inform and prepare workers to handle their financial challenges, whatever they may be. These programs can go a long way toward helping allay financial stress and improving attitudes, morale and productivity.” More than half of mid and large employers say they provide employee financial education because “it improves their productivity by reducing financial stress.” Interested employees should ask their employer about financial education programs offered at the workplace, such as those provided by askAFS. We’ve been providing answers individuals need for over 25 years.

“Employee productivity decreases along with cash flow”

Employee Benefit News, October 2010

According to a recent survey by the Hartford Group, Americans are working more and spending less. However they report they still find themselves struggling financially. “Thirty-seven percent of consumers said they feel they have experienced 'severe' financial impact due to the recession. Many have made cutbacks in their spending, dipped into savings and retirement accounts, or taken on new jobs," says Ron Gendreau, executive vice president, The Hartford Group Benefits. Financial concerns rank among the most distracting and damaging issues for individuals and their families. It’s distractions directly impact individual’s health, productivity, absenteeism and presenteeism. Add to that soaring bankruptcy rates, dropping investment values, escalating job losses and foreclosures – no wonder financial stress is increasing at a rate not seen in years. With all of these problems, many are asking themselves, “Where are the solutions?” “Who can help me?” askAFS is the solution. We’ve been providing answers individuals need for over 25 years.

“94% of Americans wish they did a better job of managing their money”

Employee Benefit News, January 2011

ING’s recent Retirement Institute Research Study uncovered some interesting truths about individuals and their money. "We know Americans need to save more for their retirement, and it’s great to see that better money management is a top priority," says Rob Leary, CEO of ING Insurance U.S. “However, while it is encouraging that most Americans want to manage their finances better, it’s time to convert good intentions into action. Americans can take a few simple steps to make progress quickly," he adds. ING found that the more financially literate someone is, the happier and more confident they are. Approximately 62% of Americans fell into the Basic category, higher than the global average. Financial concerns rank among the most distracting and damaging issues for individuals and their families. It’s distractions directly impact individual’s health, productivity, absenteeism and presenteeism. Add to that soaring bankruptcy rates, dropping investment values, escalating job losses and foreclosures – no wonder financial stress is increasing at a rate not seen in years. With all of these problems, many are asking themselves, “Where are the solutions?” “Who can help me?” askAFS is the solution. We’ve been providing answers individuals need for over 25 years.