It is common knowledge that the financial world with which we are currently confronted has become far more complex than the one faced by our parents 30 years ago. Gone are the days of going to work for a company and staying until receiving the gold watch and a retirement supported by the company pension. Today we must make many decisions that are dependant upon our understanding of diverse and ever-changing company offered benefits, retirement planning, money management skills, and all the while protecting our identity from thieves.

The average consumer today is faced with increasing credit card payments, higher costs for basic utilities, other fuels and food, increasing property taxes, and a rising cost of living that their pay increases are not able to match. In addition, they face decisions about financing home ownership with interest only or variable rate mortgages, questions about funding their retirement through a 401(k) or IRA, and the future availability of social security income. Many of us are also attempting to determine by what means we will be able to meet the increased costs of health care and insurance. Add to all of these pressures the unstated, widely accepted knowledge that each decision made and method utilized to meet the challenge faced will most likely impact us and our families for some time to come and that less than successful outcomes could conceivably severely limit our future.

The effect of the pressures and stress these circumstances cause is well documented and produces a wide variety of additional difficulties for us to overcome, such as: accidents, depression and other mental health issues, substance abuse, stress related and other physical health issues, divorce, loss of confidence and hope for the future, and bankruptcy. Although considered to be of a personal nature, rare is the individual who does not carry some effect of dealing with such issues into the workplace.

In fact, the costs to employers due to employee financial distress and dissatisfaction are easily recognized, having been studied in depth over the past decade, yet the results from these studies are often ignored or misinterpreted. For employees at work, financial distress and dissatisfaction is demonstrated in a variety of ways. Lower pay satisfaction and lower feelings of loyalty to the employer can impact an organization when skilled, usually effective workers change jobs looking for pay increases leaving the original organization with the costs of hiring and training replacement personnel. Other consequences at work can include lower productivity resulting in lower performance ratings from supervisors, poorer health and more absences from work, more conflicts between work and money matters with more work time used to deal with money issues, more conflicts with co-workers, lost customers due to errors or service problems and potential lawsuits. Even the Department of Defense has acknowledged a cost of $1 billion annually due to employee money problems.

Although many of us are able to maintain our financial lives at an acceptable level of satisfaction, it has been suggested that one in four American workers is seriously distressed with their financial situation. In the past, one assumption has been that financial distress was an issue for only low income workers and that is simply not the case, as income levels overall are not indicative of financial dissatisfaction. Comparisons of all income groups combined, from less than $14,999 to $100,000 and higher, reflect a range of financial distress anywhere from 25 percent to 60 percent. Yes, all income levels.

All of this seems to paint a rather gloomy picture for American consumers and workers. Even so, opportunities for financial education are on the rise and those who participate in such education have been shown to be significantly assisted through the alleviation of much of the fallout created from financial distress, both at home and in the workplace.

So there is hope for relief and hope for the future. As participants in Credit Advisors credit counseling and debt management programs, everyone of you has the opportunity to take advantage of educational offerings on a regular basis, including newsletters, our website, seminars (like the Budgeting Workshop scheduled for August 12th), and conversations with our Client Care certified credit counselors. By taking advantage of these offerings you improve the likelihood of beating credit and debt distress and making use of more productive, personal financial behaviors today, for a more satisfying financial future. You also have the chance to share these opportunities with others that you know are struggling. Imagine if someone had given you a hand during hard times. Remember one in four of us are having problems. You can show them the way to become credit smart.