THE EFFECTS OF PERSONAL FINANCIAL DEBT ON EMPLOYEE JOB

PERFORMANCE

By

Krista M. Martines

A Project Presented to

The Faculty of Humboldt State University

In Partial Fulfillment of the Requirements for the Degree

Master of Business Administration

Committee Membership

Dr. Michelle Lane, Committee Chair

Dr. David Sleeth-Keppler, Committee Member

Dr. David Sleeth-Keppler, Graduate Coordinator

July 2015
 Abstract

THE EFFECTS OF PERSONAL FINANCIAL DEBT ON EMPLOYEE JOB

PERFORMANCE

Krista M. Martines

Managers want to maximize their employee productivity. One way to do this is to

improve employee performance. This literature review explores whether an employee’s

personal financial situation has an effect on their job performance. There is a significant

amount of research showing that employees with poor financial situations do not perform

as well as employees who do not have poor personal financial situations. The link

between personal finance and job performance is the level of stress that a poor financial

situations causes. Employees who experience high levels of stress from their personal

financial situations are less productive at work because they are more focused on their

personal financial problems. This literature review also looks at financial education

programs that employers have put in place to improve their employee’s personal financial

situations, thus increasing their employee’s performance at work. There is evidence to

show that financial education programs do improve employee job performance.

Therefore it is beneficial and rewarding for companies to implement financial education

programs for their employees.

ii
 Acknowledgements

I am so thankful for my husband, Laythen Martines. His support and

encouragement have pulled out the best in me. It was he who saw the flyer for the MBA

program in the Humboldt State engineering building, and called me while I was in

Australia to tell me about the opportunity.

I also want to thank my mom for speaking life into me since I was little. She

always believed in me and has said for years that I will be a great, fair leader. There were

times I didn’t believe in myself but she always has.

I feel extremely blessed for the financial provision I’ve had throughout my

college career. My grandparents, parents and husband have all sacrificed so much for me

to be here and I am very thankful!

iii
 Table of Contents

Abstract ............................................................................................................................... ii

Acknowledgements ............................................................................................................ iii

Introduction ......................................................................................................................... 1

Research Question .......................................................................................................... 2

Review of Literature ........................................................................................................... 3

Productivity..................................................................................................................... 3

Employee Personal Life .............................................................................................. 4

Financial Management – Personal Debt ..................................................................... 5

Financial Stress Study ................................................................................................. 6

Financial Education ........................................................................................................ 7

Financial Wellness Study ............................................................................................ 8

Financial Wellness Program Costs ........................................................................... 12

Benefit-Cost Analysis ............................................................................................... 13

Promoting Financial Wellness Programs ...................................................................... 16

Tips for Implementing Financial Wellness Programs .................................................. 16

Conclusions ....................................................................................................................... 18

Recommendations for Further Study ................................................................................ 19

References ......................................................................................................................... 21

iv
 1

Introduction

Productivity in the workplace is affected by a variety of factors. Some factors that

affect productivity are: poor health and the company leader’s attitudes. The one factor

that this review will focus on is employees’ personal lives.

An employee’s personal life has an impact on how they perform at work. There

are many factors in an employee’s personal life that affect how they perform at work,

such as conflicts between work and home life and stressful events such as divorce or the

death of a spouse. This review will focus on employee debt and how it affects their

productivity at work.

Personal financial management and personal debt have an impact on people’s

lives. Many factors affect people’s financial situations. Some of these factors include:

making it difficult to secure a loan or causing anxiety and depression. A person’s

financial situation affects their personal lives and their work lives. This review will focus

on how personal financial management and debt affects people at work.

This review will also look at the effectiveness of financial education programs in

the workplace and perform a cost-benefit analysis of these programs. The results of this

cost-benefit analysis are significant to managers for determining whether it’s valuable to

implement a financial education program in their own company.

 2

Research Question

Does an employee’s personal financial situation have an effect on their job

performance?

The basic proposition of this research is that an employees’ personal financial

situation does have an impact on employee productivity. Research on causes of employee

stress will be studied to determine if finances are a factor. Further research will be done

to determine if personal financial burdens increase employee absenteeism. The last

research point will be to find studies done on financial research education, to determine if

this is beneficial to employees and employers in decreasing personal debt and increasing

employee productivity.
 3

Review of Literature

The purpose of this literature review is to examine the effects of personal debt on

employee job performance and also to discover the most effective ways that have been

found to educate employees about financial budgeting. The sections that this review will

be covering are productivity, employee personal life, financial management – personal

debt, a financial stress study, financial education and a financial wellness study.

Ultimately, it is very valuable to managers that their employees are productive. It’s

important to know if personal financial debt has an effect on productivity. It’s also

important for employers to know if there is a solution to improving employee

productivity through financial wellness programs.

Productivity

The Merriam-Webster dictionary defines productivity as: the rate at which goods

are produced or work is completed. There are many factors that affect productivity in the

workplace. Some of these factors are as follows. The behavior style of leaders is a factor.

The attitude and the way leaders conduct themselves (Hacıtahiroğlu, 2012). An

employee’s physical health also affects productivity in the workplace. Productivity is

affected by modifiable health conditions and by chronic health conditions (Lenneman,

Schwartz, Giuseffi, & Wang, 2011).

 4

There are many factors that affect productivity. The factor that this review will

focus on is employee personal financial stress. The following section will review the

effects of an employee’s personal life on their productivity at work.

Employee Personal Life

An employee’s personal life has an impact on how they perform at work. There

are many factors in an employee’s personal life that affect how they perform at work.

According to Konrad (2000), conflicts between work and home life can lead to employee

withdrawal and turnover. Employee withdrawal can lead to decreased effort at work,

tardiness and absenteeism. Stressful life events, such as divorce or the death of a spouse

also impact employee productivity. These events can be costly, take up a lot of time and

be emotionally taxing (Andrews, 2005).

There are many parts of an employee’s personal life that can affect how they

perform at work. This review will focus solely on employee debt and how it affects their

productivity at work.

According to Pruter (2001), an employee’s financial wellness is a determinant of

employer productivity. Employees who are financially well off in their personal lives are

your best employees. Financially unwell employees waste at least twenty hours a month

dealing with their personal financial issues, while they are at work. This author likens

employees with poor personal financial situations to sharks that swim around the

workplace and take bites out of the bottom line. Employees who are financially unwell in

their personal finances are costly to employers (Quinn, 2000).

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Financial Management – Personal Debt

Personal financial management and personal debt have an impact on people’s

lives. This affects their personal lives and their work lives. Personal debt can directly

affect whether a person can get a loan for their home, car or child’s education Dean, Joo,

Gudmunson, Fischer, & Lambert, 2013). Personal debt can even have effects that go as

far as causing people to have anxiety and depression. Some people with a significant

amount of debt that they are having trouble repaying experience thoughts of suicide

(Meltzer, Bebbington, Brugha, Jenkins, McManus, & Dennis, 2011).

There are many ways that personal debt affect people’s lives. This following

section will focus on how personal financial management and debt affects people at

work, by affecting their absenteeism and productivity.

According to Dean et al. (2013), personal debt is not determined by race, sex or

even income. People with higher levels of income have even higher debt, especially when

it comes to automobile debt. This review is relevant to employees across all income

levels. Personal financial debt is more the result of attitudes and behaviors than it is the

result of not having enough money. The findings show that having debt leads to acquiring

more debt.

The number one cause of stress for Americans is worrying about money (Prawitz

& Cohart, 2014). Debt problems cause stress and anxiety that reduces employee

productivity (Zimmerman, 2006). Gurchiek (2008) states that thirty million employees in

the United States are financially distressed. Personal finance causes five times more

concern than health issues. Stress results in lower employee productivity.

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Financial Stress Study

Garman (1996) conducted a literature review by searching over 12,500 articles.

Poor financial behaviors have a negative effect on people’s lives both at home and at

work. Personal financial problems surface first in the workplace. Some of the costs that

employers incur from employee’s poor financial behaviors: absenteeism, tardiness,

fighting with other employees and managers, reduced employee productivity, lowered

employee morale, loss of revenue from sales not made, accidents and increased risk

taking, lack of employee focus on employer’s goals, thefts from employers and company

use of time to deal with personal financial issues. As the number of poor financial choices

increase, the consequences have an increasing negative effect at work.

According to Garman (1996), “Poor personal financial behaviors are often

manifested as stress, which reduces employee productivity.” Absenteeism is one of the

primary sources low employee productivity that is a result of stress. Employee stress

from personal finances is a real issue that affects the workplace.

A survey was given to 301 employees of IDS Financial Services. The findings

showed that the job performance of one-third of the workforce is affected by personal

financial stress. Thirty-eight percent of the employees surveyed said that their job

performance was affected by their worries about money.

Many employees with financial problems end up taking time off work to face

their struggles. An example of this is when an employee takes company, when they could

be productive, to talk with their co-workers or supervisors about their financial problems.
 7

People with financial stress also take longer breaks at work to deal with their financial

stress. Other employees call in sick to work to deal with their financial problems.

Absenteeism describes when employees don’t show up to work. There is also

absenteeism, where the employee shows up to work, but mentally they are not available

to do their job. Financially unwell employees are passive and not engaged at work

(Gurchiek, 2008). When an employee is focused on their financial problems, they are not

focused on their work. They may be able to still perform at some level, but they are not

able to give 100%.

“Unscheduled absenteeism” costs companies about $700 a year for each

employee. Some additional costs to unscheduled absenteeism include: lower morale from

other employees who must pick up the extra work, lost revenue because of less sales,

losing customers to other companies with a better reputation and better customer service.

While not all absenteeism is due to financial stress, the cost of absenteeism is between

$25 and $35 billion in the United States. This cost is from lost employee productivity.

Other estimations say the cost is over $300 billion per year (Garman & et al., 1996).

Financial Education

Financial education programs are being implemented in the workplace to help

people manage their personal finances and debt.

According to Shad (2001), an employee who is worried about their future

finances will not perform well today. Personal financial health has an impact on physical

health, mental health and job performance. In 1999, academics did a study for the
 8

Association Financial Counseling and Planning Education (AFCPE). The study included

178 employees. The employees were asked questions about the financial health, physical

health and their most recent job reviews from their bosses. The results were that

employees who received better performance reviews also had better financial and

physical health. There were measureable results from the study. 100 out of the 178

employees participated in a financial education program. There 100 were measured to be

much more confident than the 78 employees who did not participate in a financial

education program. Both groups responded to the question, “I worry about how much

money I owe.” The 100 employees, who participated in the financial education program,

were less likely to be concerned about debt than the 78 who did not attend.

Another benefit that the 100 employees showed, is that after attending the

financial education program, they were not only more confident, but also more proactive.

This proactive mentality led to increased personal financial savings.

In the following section, a financial wellness study will be explored. This study

explains the value of financial wellness programs.

Financial Wellness Study

This study, from Verne (2014), set goals for employers in 2015. In the recent past,

companies have incorporated programs that increase the health of their employees. These

programs include resources for healthy eating, exercise, and mental health. The reason

company’s are investing in the health of their employees is because healthy employees

more productive, because they are happier. Healthy employees also cost their employers
 9

less. The last aspect of health that companies are starting to focus on is the financial

wellness of their employees. When financial stress is reduced in employees, both the

company and the employee benefit.

Finances are at the root of people’s greatest stress in America. A large number of

Americans make just enough money each month to pay their bills. Most Americans also

have a large amount of debt but don’t possess the skills needed to make better financial

decisions. These factors have a large impact on productivity. In order for companies to

have happy, healthy and productive employees, financial wellness programs need to be

part of the company’s benefits. Financial stress should be every company’s concern

because it’s something that most American employees face.

One in three Americans have been late in paying their debts. It’s hard to get out of

debt once you are in it. It becomes a vicious cycle. People don’t make the best decisions

for themselves once they are in debt, and they usually get into debt worse. People who

have more debt are more likely to have health problems. They also show more irritability,

anger and fatigue. Financial stress is also connected with headaches, stomach pain,

ulcers, sleeplessness, muscle tension and heart attacks. People with financial stress are

also more likely to start behaviors that are not healthy for them. These unhealthy

behaviors include: smoking, alcohol and drug abuse and weight gain.

These effects of financial stress have a negative impact on employee job

performance. When employees experience high levels of stress, they are less motivated

and less efficient at work. They are also less creative and they produce a lower quality of
 10

work. Fifteen percent of American employees have a level of financial stress that directly

decreases their productivity.

There is a link that researchers have found between financial stress and missing

work. People who are stressed about their finances spend more time at work dealing with

their finances. 24% of employees say that personal financial stress distracts them while

they are at work. Of that 24%, 39% spend a minimum of 3 hours each week, either

thinking about or facing their financial issues. Gallup reports that financial distractions

cost $300 billion in lost productivity every year.

Financial stress has been found to have an impact on behavior and cognitive

function. A book entitled Scarcity was released in 2013 by authors Sendil Mullainathan

and Eldar Shafir, professors at Harvard and Princeton respectively. What they found is

that people getting by with less than they need has significant effects. They say that

scarcity reduces people’s self-control and prevents them from learning. The books also

says that scarcity increases anger, impatience and also causes people to be impulsive, and

make poor decisions which causes them to stay in a vicious cycle. The bottom line is that

people with limited resources tend to make decisions that will ultimately be worse for

them.

There was one experiment done, proving that an employee’s ability to work is

affected more negatively by financial stress than by a lack of sleep. Basically, someone

who is financially stressed performs much worse at work than someone who is sleep

deprived. This case makes the conclusion that financial stress is bad for both employees

and their employers. It states that financial education programs are very helpful in
 11

helping employees reduce their level of financial stress and gain valuable tools for stay

debt free in the long term. This study says that the root cause of financial stress is

financial illiteracy. Low financial literacy leads to higher personal debt. This is what

financial education programs seek to address.

According to Baliga (1995), companies that implement programs to measure their

employees’ job performance had greater employee productivity. According to The

Impact of Performance Management on Organizational Success, a study was performed

that included 437 publicly traded companies. The respondents of the study included 58

different industries that had incomes ranging from one million to 65 million. They also

had a range of employees from 10 to 312,000. Two hundred and five companies

implemented programs that rewarded employee who increased their job performance.

This also improved the company’s finances. Two hundred thirty two of the companies

did not implement programs, showed lower company financial performance than their

counterparts. The study measured the following areas: profitability, cash flow, value of

stock and productivity. Profitability includes the return on assets, the profit margin and

the profits of each employee. The cash flow measures the real return on investment, along

with cash flow. Stock market performance is measured by the shareholder return and the

stock return based on the market index. The value of stock is the price to book value of

capital ratio. Finally, productivity is measured by examining the sales of each employee.

Managing performance involves managers and employees working together. They

set goals and measure their results based on their goals. Managers set expectations for
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budgeting salaries and bonuses. Financial rewards are all based on financial performance.

The key aspects of successful programs are as follows:

1. The program is designed and put in place by senior management.

2. Increase employee involvement in the process.

3. Give managers general ways to measure employee performance.

4. Encourage coaching and feedback.

5. Programs should be custom designed to fit the needs of each individual company.

The results also encouraged collaboration between human resources and senior

management when deciding on the objective of the performance program (Baliga, 1995).

Financial Wellness Program Costs

Financial Wellness programs can be offered in a variety of ways. There are free

programs offered to employers through financial professionals (Sammer, 2012). Some of

these free programs can be effective, while others are just sales pitches. It’s important to

make sure you are going to be receiving financial education.

There are community programs through nonprofits, YMCAs and community

colleges. There are also vendor programs that are usually eight to twelve weeks long, and

they are offered either online or in the classroom.

The total cost of a financial wellness program can vary from $10,000 a year to

$500,000 a year (Sammer, 2012). The size of the company is a factor, as well as the

quality of the financial education.

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Benefit-Cost Analysis

According to Sammer (2012), once a financial wellness program has been in

place for a while, then the results of the program can be evaluated. A benefit-cost ratio is

used to measure all the benefits and costs using dollars. For example, a 7:1 benefit-cost

ratio says that there is a $7 return on every dollar that is invested in the education

program. Time spent developing the program should also be factored into the cost.

Another way to measure the financial return is through the Return on Investment (ROI).

This is calculated using the benefits and costs in dollar form. The ROI is displayed as a

percentage. A higher percentage is a better ROI. One thing to consider when measuring

financial education programs is there is additional value that cannot be measured in

dollars. One of the benefits that can be hard to measure is the increase in productivity

(Pinkerton, 2004).

McLeod Health implemented a financial wellness program in 2008 (Sammer,

2012). Researchers from the Personal Finance Employee Education Foundation have

studied the program at McLeod Health, and figured out the return of investment based on

470 employees who had completed the program. The return on investment was $6.60 for

every dollar that was invested. The total return on investment from McLeod Health’s

financial wellness program was $569,133. The areas of return were from improved job

performance, reduced turnover, reduced absenteeism and reduced work time lost (Figure

1).
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Work time
lost
3% Other
Absenteeism 7%
4%

Turnover
43%

Job
Performance
43%

Figure 1. The total return on investment from McLeod Health’s financial wellness
program was $569,133. The areas of return were from improved job performance,
reduced turnover, reduced absenteeism and reduced work time lost (Sammer, 2012).

The two following sections include examples of financial wellness programs.

These examples have been provided as a tool for managers looking to implement

financial programs in their own companies. These examples give mangers an idea of

programs that are successful. Managers can take parts of successful programs and make

modifications where they see fit, for their own companies. The first example is McLeod

Health’s Program. The second example is Therm-O-Disc’s Program.

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McLeod Health’s Program

McLeod Health’s program started off with meetings once a week, on a business

day, for 2 hours (Sammer, 2012). The program lasted for 12 weeks. The program has

adapted and changed many times. One change was making the classes on every other

Saturday, and including the employee’s family and spouses. Another change was creating

and online tutorial blended with a lunchtime class, for a 12-week period.

McLeod Health agrees to pay for the whole program, on the condition that the

employee completes the entire program. The employee will incur all the program fees if

they do not complete the program in its entirety. This deduction will be make from their

wages and each employee agrees to this condition in a signed contract before the program

begins.

McLeod offers these programs on a regular basis. There are about 5,100

employees in this organization, and more than 650 have participated in their financial

wellness program.

Therm-O-Disc’s Program

Therm-O-Disc’s program is a 13-week course (Sammer, 2012). In an 18-month

period, twenty percent of their 4,000 employees have gone through their financial

wellness program. The result is that their average class pays off $10,000 in personal debt

and save $1,000 on average for their emergency funds.

Employees highly recommend this program to their co-workers, so there is a

waiting list in place to take these classes. Both salaried and hourly employees attend
 16

these classes. A side benefit from these classes is that employees are building

relationships and improving teamwork across departments that don’t normally interact.

Promoting Financial Wellness Programs

The best way to promote financial wellness programs is through manager and

supervisor involvement (Sammer, 2012). This is because leaders are able to see when

employees are struggling with personal finances. Managers and supervisors can make

employees aware of financial wellness programs and even share their personal

experiences from going through the program.

It’s easier to encourage employees to participate when the programs are offered at

no cost to the employee. There are other ways to promote financial wellness programs, in

addition to managers suggesting the programs to their employees. These include:

information booths where employees can sign up for upcoming classes, putting success

stories into company newsletters, and encouraging people who have ben through the

program to share how the program has helped them.

Tips for Implementing Financial Wellness Programs

There are ways for managers to make their resources go farther when investing in

financial wellness programs for their company. The following are tips for getting a

program started in your company.

1. Pay for the employees to complete the program, but only pay for the employees

who complete the whole program.

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2. Start with a small class and a small investment. Monitor interest in the program

and increase the size of the program if there is interest.

3. Initially invest in just a small number of employees. Set a budget for what should

be spent on the employees in the program, and choose a class size that will allow

you to stay within your budget.

4. Target employees with the greatest need for financial education. This will allow

employers to bring a good change to their employees’ lives.

5. Measure the impact of the financial wellness program in your company. Some

metrics used by previous companies include: healthcare costs, rates of

absenteeism and cost-benefit analysis.

These are just some of the helpful tips to consider when planning on implementing a

financial wellness program in your company (Sammer, 2012).

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Conclusions

This review concludes that personal financial stress decreases employee

productivity. It is valuable for employers to offer financial education programs to their

employees. These programs have a positive effect on employee’s personal finance

management. Employees who participate in financial education programs save more

money than employees who don’t participate. Better planning and an increase in savings

causes reduced stress levels in employees.

Employers are seeing the value in having healthy employees, not just physically

with medical coverage through benefits, but mentally with classes to educate employees

on how to reduce debt. Financial wellness programs can be a competitive advantage.

Reducing debt and managing finances well, allows employees’ to be more productive at

work.

Examples of two successful financial education programs have been reviewed. A

cost-benefit analysis has also been provided. This is what managers can use to determine

the benefits of implementing a financial education program within their company.

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Recommendations for Further Study

Further research is needed on the benefit-cost of financial education programs. It

would be valuable to have hard numbers in order to determine the effectiveness of

financial education programs and compare them to other programs. This would be

beneficial when employers are choosing a program for their own company. They want to

know which program is the most effective by seeing the financial benefits.

Additional research is needed to determine whether personal financial stress

decreases creativity at work. There was a brief mention by Verne (2014), that financial

stress causes employees to be less creative at work and produce a lower quality of work.

Creativity enhances organizations and allows them to stay ahead of their competitors

(Parjanen, 2012). According to Zhou & George (2003), creativity releases useful ideas

and solutions. Creativity requires focus (Amabile, Hadley & Kramer, 2002). All of the

findings about how creativity affects productivity are very brief. Additional studies are

needed to measure creativity and determine its impact on productivity in the workplace.

Research is also needed to distinguish between stress from finances and stress

from other factors. It is clear that stress affects job performance. However it would be

beneficial to have more in-depth studies that show the effects of stress that is solely from

personal finances.

Research is also needed to determine how important personal finances are to the

employee being examined. Some employees are less burdened by financial stress than
 20

others. It would be valuable to develop a measure of how much of an impact personal

debt has on multiple subjects.

Another area that needs to be examined is the variety of financial education

programs that have already been used. A comparative analysis of multiple financial

education programs would be very valuable to employers to see what programs are the

most successful in increasing employee productivity. This analysis would include the

benefit-cost ratio or ROI on each financial program so that managers can determine how

much of an impact each program has. Further research needs to be done to evaluate and

assess financial education programs more closely. It’s important to know how each one is

being set up and run.

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