Nearly one in four employees said they have tried to pass a personal purchase off as a business expense amid increased personal financial challenges, some of them a result of their employers' expense policies—or lack thereof, according to an Emburse survey of more than 1,000 employees and executives.
In the survey, conducted Jan. 5-11 by marketing firm YouGov, 62 percent of respondents said they are concerned about their personal finances, and corporate expense practices are a contributing factor, according to Emburse. Forty percent of respondents said they have incurred a fee such as overdraft or late payment on a personal or debit card because of a business purchase, and 20 percent said they have incurred interest on a personal credit card due to late reimbursement from their employer.
The survey also indicated that some employees are seeing increased financial strain due to their employers' return-to-office policies, according to Emburse. Just over a quarter of respondents said their commuting expenses have increased, and 20 percent said their food expenses have increased, according to the results.
Emburse said the results indicate a "looming 'Spendageddon'" for companies that do not have payment tools and other solutions that alleviate financial burdens on employees, in which financial leaders lose control over employee spending.
"Failing to address the tension between employees and finance departments is a mistake," Emburse CFO Adriana Carpenter said in a statement. "To describe it as Spendageddon might sound dramatic, but, for many, the consequence of inaction will be keenly felt."