2 key ways to minimize debt while maximizing job perks for 40% of Americans.

The recent surge in U.S. household debt, which has reached $17.8 trillion, has also led to record-high credit card balances and delinquencies. This can significantly affect individuals' financial stability and may even impact their career prospects.

The American Staffing Association's Fall 2024 Workforce Monitor survey found that four out of ten adults make career decisions based on their debt, while ten percent say their debt keeps them in a job they dislike.

Richard Wahlquist, CEO of the American Staffing Association, stated in an October 2024 press release that a growing number of individuals and their families are facing reduced prospects for the future, limited mobility in the job market, and reduced quality of life due to increased levels of personal debt.

If you're struggling with debt, you may feel pressured to turn down your dream job if it doesn't pay enough or stay at a job you don't like for years. However, there are plenty of debt relief strategies that financial pros recommend, but don't overlook getting help from an unexpected source: your current employer.

You may have access to resources and programs at your workplace that can help you manage your debt and advance your career.

Take advantage of financial counseling resources offered by your employer

You don't have to face financial anxiety alone. Your job may offer access to a qualified financial professional for free.

Can you inquire about the availability of an Employee Assistance Program (EAP) through your employer's human resources department? EAPs are free programs that offer confidential assessments, referrals, and counseling to employees. Although 74.1 million people in the US have access to an EAP, only about 10% of workers utilize it on average, according to a 2022 study by Attridge Consulting, a Minneapolis-based health-care research firm.

EAPs may offer financial planning or counseling services free of charge, in addition to assistance with personal and work-related issues. A typical EAP provides 3 to 10 visits with a professional per year, according to a recent report from Burr Consulting, a New York-based HR consulting firm.

Financial wellbeing programs are increasingly gaining the attention of CEOs, who recognize the importance of their employees' financial health in achieving success at work.

Michael Woodhead, chief commercial officer of FinFit, stated in a 2024 press release that employees who are stressed about their finances are not as productive because they cannot concentrate on the intricate tasks necessary to perform their job.

Let your employer pay off your student loan debt

Searching for a new job? Look into companies that offer student loan repayment assistance.

Under the 2020 CARES Act, businesses can contribute up to $5,250 per year tax-free to each employee's student debt management through 2025. These contributions may be in the form of a no-strings-attached portion of income or a matching contribution to a workplace retirement plan, where the employer matches a portion of the employee's paycheck set aside to pay off their student loans.

In 2023, over a third of employers provided student loan repayment support, an increase from 25% in 2022 and 17% in 2021, according to a study from the Employee Benefit Research Institute. These programs are likely to become more common as employers recognize their benefits for both businesses and workers, says Craig Copeland, director of wealth benefits research at EBRI.

Employers can increase loyalty among their employees by providing support in this manner, as stated in a 2023 interview.

A recent law allows your employer to assist you in choosing between saving for retirement and paying off your student loans.

Employers can now contribute to employees' 401(k), 403(b), Simple IRA, or alternate workplace retirement plan by matching their student loan payments, thanks to a provision in the 2022 Secure 2.0 law. This process is paperwork-free, according to higher education expert Mark Kantrowitz.

"According to CNBC, employees do not need to provide proof of their student loan payments. Instead, they only need to sign a document stating that they are making the payments."

If your company doesn't offer a new benefit, it's worth speaking up to inquire about it, Kantrowitz advises.

"If multiple individuals request it, they'll begin contemplating it."

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