Garman, Leech & Grable (1996)

Garman, E. T., Leech, I. E. & Grable, J. E. (1996). The negative
impact of employee poor personal financial behaviors on employers . Financial
Counseling and Planning
, 7,157-168.

The Negative Impact Of Employee Poor
Personal Financial

Behaviors On Employers

E. Thomas Garman,(1)
Virginia Tech

Irene E. Leech,(2)
Virginia Tech

John E. Grable, (3)
Virginia Tech

This article demonstrates that there are substantial costs to
employers caused by the stresses associated
with poor personal financial behaviors of employees. Approximately 15%
of workers in the United
States are currently experiencing stress from poor financial behaviors
to the extent that it negatively
impacts their productivity. The proportion of workers experiencing
financial problems that negatively
impact productivity for a single employer could range as high as 40 to
50% depending upon certain
factors. The costs of reduced employee productivity because of poor
personal financial behaviors are
substantial. The full extent of the costs to employers is unknown.

KEY WORDS: absenteeism, employee assistance program, employee
productivity, personal financial
behavior, stress, substance abuse

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E. Thomas Garman, Author, Researcher and Advisor; Fellow and

Emeritus, Virginia Tech, 8044 Rural Retreat Court, Orlando,
FL 32819,

Phone/Fax: 407-363-9048, E-mail:, Web:

2. Irene E. Leech, Associate Professor and
Extension Specialist, Consumer Education, Virginia Tech, HIDM
Department, Blacksburg, VA 24061-0424.
Phone: (540) 231-4191. Fax: (540) 231-3250. Email:

3. John E. Grable, Doctoral Student, Family
Financial Management, Virginia Tech, HIDM Department, Blacksburg, VA
24061-0424. Phone: (540) 231-6163. Fax: (540) 231-3250. Email:

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Planning, including the 1997 confererence in San Diego.