When I started writing this blog last summer, I shared that ourresearch had identified overwhelming levels of financial stressamong employees. We had found in that quarter, that in light of thefinancial meltdown, employees had resorted to short-term moneymanagement and were ignoring their retirement savings - and of course,we were worried. What future crises did employees face if theydidn't start paying more attention to their retirement?

In our 2009 Year in Review, we spotted a theme: 2009 was reallya year of failure and redemption for American employees. As planproviders cut their matches, mandated furloughs and took actionnecessary to manage their businesses, employees were hit from allsides in this recession: losing jobs, losing retirement savings andstruggling to get by and pay the monthly bills.

Participants went through a phase of panic and short-term focusto a phase of realization that now was the time to take control oftheir financial situations and build their wealth again. Now, theyare beginning to realize they can't control the swings in themarket or the actions of their employers, but they can control howthey spend, save and invest their money.

Until recently, it has taken consumers a while to adapt to thesechanges, with many not saving enough for retirement or health care.This year, however, the economic crisis gave consumers a wakeupcall and they began to dramatically shift their perspective -planning for the worst, rather than only hoping for the best.

• Debt and budgeting questions mirrored each other more closelythan ever before in the 10 year history of tracking calls at 34percent (debt calls) and 35 percent (budgeting and savings calls),which indicates that employees are taking steps to cut theirexpenses and build their savings again.
• Investing calls fell 5 percent from Q4 2008 to Q4 2009 andretirement calls remained low at 8 percent showing employees arestill focused on short-term money management.

For sponsors and participants alike, this is a light at the endof the tunnel. Participants' new attitudes toward how they managetheir finances will become an opportunity to encourage them tobuild their savings and invest more.

For the Financial Finesse's full 2009 Year in Reviewresearch report, please e-mail [email protected].