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Authoritative survey confirms: Many employees one paycheck from financial trouble

09/10/2008• Press Releases

CHICAGO, IL (September 10, 2008)- Chicago based Alliant Credit Union, in cooperation with the International Society of Certified Employee Benefit Specialists (ISCEBS), recently completed a study on U.S. workers' personal financial situations and employers' viewpoints and involvement regarding their employees' financial lives.

Results of the study were published in a White Paper entitled "American Workers: Getting Ahead or Just Getting By?". The paper is based on two surveys conducted during March, 2008. One polled ISCEBS member benefits specialists about their employee benefits and ability to help in their employees' financial lives. The other survey queried U.S. workers in order to learn their opinions and attitudes regarding their employers as financial partners, including the extent to which employers help provide for their workers' financial well-being and financial education toward becoming better consumers.

Key findings of the study include:

  • Employer benefits such as health and retirement plans are seen as important, but primarily for future rather than present needs. Many employees have financial needs that require assistance in the "here and now"
  • Employees with financial concerns spend significant work time dealing with personal financial matters
  • Although employees are generally pleased with their income levels, they can't seem to save money or get ahead financially. In fact, half describe themselves as living from paycheck to paycheck. Less than 20% considered themselves to be financially secure
  • More and more workers are financially strained by increasing credit card debt
  • Employees generally feel they lack knowledge about handling money

A full copy of the White Paper is available at

Philip Grisafi, CEBS, President of ISCEBS and Senior Vice President of Mosse & Mosse Associates said, "There is a definite need for employers to provide programs that help employees with personal money management. Most employees surveyed said they would welcome financial information from their workplace."

According to Alliant Credit Union President and CEO David W. Mooney, "Financial literacy and low cost-high value financial services are the keys to economic health for individuals and our economy as a whole." He applauds efforts by benefits specialists to provide financial literacy and services that deliver daily, not deferred, value. Along these lines, Alliant is a financial benefit solutions provider to over 140 employer groups and networks, and a national partner of Operation HOPE, a national foundation which provides financial education classes in public schools around the U.S.

About International Society of Certified Employee Benefit Specialists (ISCEBS)
ISCEBS is the premier interactive community providing educational resources, innovative thinking and collective wisdom to help its members excel and prosper in their careers. This membership organization is for those who have earned the Certified Employee Benefit Specialist (CEBS) and several other professional designations.

About Alliant Credit Union
Alliant is America's eighth largest credit union in asset size with over $5.5 billion in assets and over 216,000 members nationwide. Alliant's members include employees, family members and retirees of United Airlines and other select employee groups and qualifying communities. Alliant provides a package of financial benefits that employers can make available to employees through credit union membership.

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