Employees' financial wellness took a hit in 2012, according to Financial Finesse's Year in Review. Only 68 percent of employees reported having a handle on their cash flow in 2012 compared to 72 percent in 2011. Fewer employees reported having an emergency fund and only 56 percent of employees reported that they regularly paid off their credit card balances in full each month.
More employees, 23 percent, reported being charged late fees in 2012 compared to 19 percent in 2011.
Many employees turned to their retirement accounts in 2012 to pay off short-term expenses. In 2012, 32 percent of employees reported having taken a loan or hardship withdrawal from their 401(k) plan versus 25 percent in 2011.
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