On August 16th, a persuasive online article appeared about the harmful effects that financial stress has in the workplace. Jeffrey Strain, who authors this website, cites research that shows greatly decreased efficiency and effectiveness in financially stressed workers. He argues that companies would do well to promote healthier lifestyles in their employees by offering financial education and training to overspending employees, in much the same way that they offer education and training about obesity and smoking. At Stopping Overshopping, having worked with a number of overshoppers for whom there were serious workplace consequences, we strongly support his argument. We’ve seen employees fired for non-stop Internet shopping or passed over for raises or promotions because they’re preoccupied with shopping, spending, or debt. Others, nearly drowning in debt, have to work more than full-time to keep their heads above water. We’d like not only to see employees receive training in the basics of personal finance, but also to be offered workshops that help them understand what makes them overshop and what they can do about it.
Carrie Rattle is a Principal at BehavioralCents.com, a website for women focused on mind and money behaviors. She has worked in the financial services industry for 20+ years and hopes to inspire women to better prepare themselves for financial independence.