How many of your staffers blame you for their finance problems?
February 5, 2010 by Jared BilskiPosted in: Benchmarking, Economy, In this week's e-newsletter, Latest news & views, Management issues
It’s no shock many Americans are unhappy with their current financial situations. But what about the fact that more than a quarter of people blame their employer for their personal money problems?
That’s what a recent Harris Interactive poll uncovered. Overall, 29% of all participants blame their employers for their “financial situation.”
The numbers varied depending on what age group the poll participants belonged to. Here’s a breakdown by age:
- 33% of Echo Boomers (ages 18-32)
- 36% of Gen. X (ages 33-44)
- 28% of Baby Boomers (ages 45-63), and
- 16% of Matures (ages 64+) blame their employers.
To be fair, employers ranked pretty low in the scheme of things. For example, more participants blame Congress (72%), Wall Street (71%), large corporations (63%) and state (60%) and local (47%) governments for their problems.
Interestingly, personal accountability seemed to be lacking — with 61% of people saying they don’t blame themselves.
Do you agree with poll’s findings? Do you believe anyone is responsible for your finance problems? Let us know. Share your thoughts in the Comments section.
CFODailyNews.com delivers the latest Finance news once a week to the inboxes of over 200,000 Finance professionals.
Click here to sign up and start your FREE subscription to CFO Daily News!
Tags: Baby Boomers, Congress, Echo Boomers, Financial situation, Gen. X, Harris Interactive poll, Large corporations, Matures, Personal money problems, Wall Street
February 8th, 2010 at 2:43 pm
How could you not blame your employer? Our family could have handled the lack of raises this year but the furlough days where not in our plan. I should add that my employer decided it was not a good business practice to allow telecommuting so those gas prices we all loved in 2009 hit a little harder.
February 8th, 2010 at 3:59 pm
Hmmm how can you not blame your employer?? Easy actually, get a college education. Save money to hold you over when there is a downturn in the economy. Reduce your expenses by not having a house too big for your family. Don’t give your kids every little item they think they need. But silly me that would mean you are taking personal responsibility!!
February 8th, 2010 at 4:21 pm
At our company, we all took a 5% pay decrease. How much better to earn a bit less than to have the company go out of business and then have all the employees out of a job. We just had to tighten our belts a bit and make decisions on where we wanted to put that money. We also had some money saved so we were not hit so hard. Maybe we should all learn that we don’t need the biggest house or the newest car or designer clothes so we can live well within our means.
February 9th, 2010 at 1:04 am
[...] This post was mentioned on Twitter by Melissa Huston and BLR HR Employment, Jeffrey J Kingman. Jeffrey J Kingman said: RT @dillanos_Meli: How many of your staff blame you for their finance problems?http://bit.ly/b8Geyz via @AddToAny [...]
February 9th, 2010 at 10:16 am
I think it is totally stupid to blame your employer for your financial problems. I agree with Jthe other responder (Jim) you should not over extend your self with debt. Live within your means so when an emergency hits, (job loss, medical bill, car repair) you have a resource.
However, I am also not so naive to think that everyone has had the same opportunities or circumstances. But, even with that we should not add to the problem by not saving more. That take out meal, that cup of 2.00 coffee ea day adds up.
Trust me, I am one of those whom bought to much house and my husband lost his job, health insurance. But, GOD has blessed through Christ. It has been a humbling experience as I am sure with many other americans. I must say, that even though we have gone through a rough time financially since buying this house, it has taught me more of an education than a 4yr degree could ever do.
February 9th, 2010 at 10:55 am
There are some instances where I think it is the employer’s fault for an employee’s finances. Perfect example: look at “Undercover Boss” from Sunday, Feb 7. The boss found an employee who was doing 4 different jobs that 4 different people should have been doing, but being paid no more than what she was being paid, doing 1 job. Some employers only think about the bottom line and pay no attention to what employees have to go thru financially.
But, I do believe the employee has to show fiscal responsbility in their financial lives also. You have to cut up the credit cards, use only cash to buy things, repair what you can fix so you don’t have to buy new, think about buying used to save money, do whatever it takes to cut down on the bills. If you do all this and still can’t make it, then you have to look elsewhere for your financial well-being. If you have to, get a second job.
I worked three jobs, to make ends meet, for almost two years. I lost one of the part-time jobs, and I am having to really watch my pennies so that I can pay my rent. I am still looking for another part-time job, but right now, jobs are hard to come by with so many people out of work.
I have never been able to splurge with my money and now is no exception. But it would be nice to see how my boss would fare with feeding his family on what he pays me. And before anything is said, I have an Associate’s Degree and am back in school trying to get my 4 year degree. I know this doesn’t guarantee me a good job, but I hope it helps a little.
February 9th, 2010 at 2:22 pm
You alone are responsible for your own personal financial situation. Didn’t get a raise? Neither did I or many, many people this year or last. If you do your budgeting and financial planning based on getting X percent raise each year, you are making a mistake. Society today overspends like crazy, everyone just has to have the new IPhone, 42″ TV, XBox, etc. This is irresponsible. You need to live within your means. When we had to go 20+ months without any salary for my husband, we made it through because we trimmed here and there, cut out all non-essentials, and did have some money saved for such situations.
I realize there are people who truly do not have much from the beginning, but they have to live within their means and try to better themselves. Just look at the person in the grocery store using food stamps for groceries, with huge, gold, personalized earrings and the latest cell phone. It is a matter of priorities.
I watched Undercover Boss Sunday as well. While the one woman was doing far more work than should be expected and she deserved a promotion, it still was not the reason she was in the personal financial situation she was in.
February 12th, 2010 at 12:07 pm
I don’t understand how one could blame thier employer for their financial problems. One needs a job to pay bills. I don’t understand how anyone could not also place blame on themselves for their financial difficulties, ultimately you are the one that determines how much debt you will get into. I can agree with some of them that blame the government, when taxes keep going up and our president spending more and our country’s deficit going up the more the common taxpayer is going to get the squeeze, and that is not right nor is it something that the people can do anything about except through our voting booths (however, that isn’t the best either since we can’t trust our politicians to be honest when they are trying to get into office).
February 12th, 2010 at 12:43 pm
Yes! I do believe the survey findings. At our company we are now teaching our third class in “financial peace university” because we desire our employees, (and their families) to become knoledgeable about what is holding them back from succeeding in their finacial goals. To date, we have had over 100 of our employees, (and spouces) sign up for the 13 week courses. It costs them $75 and we pay $75. Once paid, the employee, spounce and young adult children can come back for “refreshers” It’s hosted by our internal education committee every six months. The more people that go, the more we are now hearing, “I have reduced or eliminated my debt, this thing really works! The focus with our employees is not how much they make, it’s on what they do with what they have. That makes them better employees, and we all benefit.
February 12th, 2010 at 3:37 pm
Personal responsibility is certainly a huge factor. My oldest son, who has bachelor’s degrees in math and EE was laid off over two years ago from a semiconductor company (same one I work for), was able to find work on and off at a lower level and even then had one week a month of unpaid furlough prior to his lab tech job being completely outsourced to China. They certainly liked his work, since they gave him a bonus the same day they laid him off! Since then he has worked on a farm, in construction and in another lab. He is now starting over in HVAC at $15/hour. Throughout all of this, he got married, had a baby and put 20% down on a small house, because when we was earning good money as an engineer, he saved like crazy for “a rainy day”. He chooses not to own a TV, they hang their clothes to dry, keep the thermastat low, grow some of their own vegetables, etc. And his wife stays home with the little one so there isn’t a second income. With all of the outsourcing or offshoring going on, a degree and high intelligence doesn’t necessarily get you a good job. To have steady work that couldn’t be sent offshore, he was willing to start over in an entirely new field with some growth potential. It’ll probably never pay what he made in EE but the work is steady. He consistently does what needs to be done to make it work. A lot of Americans could take lessons from him and his wife.
February 15th, 2010 at 3:39 pm
typical that americans are not taking responsibility for their own actions. certainly I agree with Rebecca that it IS govt’s fault when they do things like RAISE THE DEBT CEILING like they just did and increase taxes in order to keep their own govt benefits coming when we little folk barely have any work benefits of our own, but it is still each person’s personal responsiblity to take their paycheck & not overspend it. no wonder this country is no longer the world power it used to be – everyone blames someone else for their problems. Dr. Phil for president!
February 15th, 2010 at 3:47 pm
When you are required to take a 20 percent pay cut to keep your job perhaps it is the employer’s fault. Had I known 8 months prior to the cut that it was going to happen I would not have purchased a new car (which I needed since the one I had was totaled) I would have bought something used so that the payment would fit in my very reduced budget.
February 16th, 2010 at 10:07 am
It’s not how much you make, but how you spend it. There’s no other way around it.
February 22nd, 2010 at 12:04 pm
When I was let go from my full-time job, my income from doing part-time jobs dropped to below $30,000 per year. I drive a car that is 12 years old and live in a house that’s about 800 square feet, which is not huge. I pay my credit card in full every month to avoid interest charges. My wife and I eliminated the health club, long distance phone service, cable TV, birthday presents, Christmas presents, vacations, and using the dryer. My family has repeatedly been turned down for health insurance and medical bills run about $750 per month. I already have my MBA, but that doesn’t open the door for a full-time job.
My son dropped out of college, so we’re paying off that debt each month. Savings? That’s fairly well drained. My retirement account has seen a 50+% hit and I’d have to pay a penalty to tap what’s left.
I’d like someone to explain to me why I shouldn’t feel that my past employer isn’t responsible at all for my financial situation.
February 22nd, 2010 at 3:31 pm
Playing devil’s advocate here, Jim, why are you still using a credit card. You need to cut up the credit cards except one, for an emergency ONLY. And why isn’t your son paying his own college expenses?
February 23rd, 2010 at 8:32 am
Jim, If your son is old enough to be in college and drop out, he’s old enough to pay his own bills.