Are you under debt stress?

Date: 17 June 2008

When was the last time you were able to visit your local bank branch without being offered a credit card or a loan?

The "do you want fries with that" approach to selling has invaded the Australian banking industry, and coupled with the emergence of smaller lenders, has contributed to soaring debt levels in the community.

For the worker on the other side of the bank counter, selling products such as credit cards and loans can mean the difference between getting a pay rise to meet their own living costs, or stagnating on a base salary that isn't keeping up with inflation.

Bank workers pressured to sell debt to meet targets

Yet, when asked about their work, the major negative aspect that finance workers identify is the pressure applied to them to meet what are seen as unreasonable targets.

A recent survey completed by over 2000 FSU members found that:

• 66% agree that work/life balance suffers because of targets

• 88% agree that the higher their targets the higher theirstress

• 74% disagree that their targets are adjusted if they're away sick

• 88% would like to have a greater say in setting targets

• 94% agree that local factors should be considered in setting targets

Bank union launches Debt Stress campaign

The union wants to see the public debate around debt and provision of credit take into account members desire to provide professional services to the community, something that is compromised by management's persistent demand for sales volumes.

Union members are under extreme pressure to meet ever exaggerated targets in a community that is swimming in debt and facing rising interest rates.

Charter of Responsible Lending

• Reduce the pressure on members to chase unreasonable targets

• De-couple base salary movements from sales targets

• Enhance the professionalism of the finance industry

• Build public confidence in the industry

• Regulate the provision of credit

• Visit the Bankcheck website and read what union members are saying about the pressure they are under and read FSU's Debt Stress report

• tell your bank or financial institution to stop linking workers pay to sales volumes

• contact your federal MP, seeking better government regulation of the industry

• support FSU's call for a Charter of Responsible Lending

For further information

Union:	Finance Sector Union
WWW:	http://www.bankcheck.net.au/debt_stress.html

LaborNET is proudly created, designed and programmed
by Social Change Online for the Labor Council of NSW
[Credits] [Site Matters]