June 11, 2008

Newsday

Employees’ Requests for Financial Help Up 30 Percent

Whiplashed by economy, workers are seeking advice for debt management, possible eviction and garnished wages. At ComPsych Corp., a Chicago-based employee assistance provider, requests from employers for on-site financial programs, such as “Stop Living from Paycheck to Paycheck,” are up significantly over last year. And calls to the FinancialConnect hotline are up 21 percent.

While the subjects of the hotline calls are not new, the intensity is, said Patrick Walsh, a certified financial planner who is one of the experts at the other end of the phone line. Previously people sought help, he said, but felt they could work their way out of the problem. Now, he said he is hearing much more despair.