Do you know the fastest-growing reason for EAP use since 2003?  

It isn’t for substance abuse or depression. Actually, it’s financial in nature. Over the last five years, there’s been a reported 69% jump in employee EAP use related to personal financial concerns. The trend is not all that surprising in this era of salary freezes, high deductibles and cost-sharing of benefits premiums.

Statistics show that, for the first time since the Great Depression, the average American has negative savings — in other words, debt exceeds income — in a typical month. Many employees are racking up high credit card debt, make the problem worse.

Troubling trends

Here are some ominous numbers from a recent employee survey:

• 27% of respondents said they were “one major setback away from financial disaster”
• 22% say they were “worse off than last year, with less take-home income and more debt”
• 40% say their employer is “insensitive to their employees’ financial needs,” and
• only 6% said they felt comfortable with their current financial situation and ability to manage their debts.

The majority of personal-finance related EAP use arises from concerns over debt management, household refinancing and/or failed investments.