TALLAHASSEE, Fla. - Hovering around $3.00 a gallon nationally, the price of gas has doubled over the past three years. And unfortunately, there seems to be no end in sight to soaring gas prices.

Wayne Hochwarter, an associate professor of management in Florida State University's College of Business, has conducted research to determine how increased gas prices have affected personal finance as well as behavior at work. He surveyed more than 300 employees across a wide range of occupations during his research process.

"I was surprised to see how strongly gas prices affected personal finances," states Hochwarter. "We casually talk about it at work and at home, but we haven't substantiated its impact. Typically, it is assumed that what happens at home stays at home and what happens at work stays at work."

Hochwarter's research indicates that most people have made drastic changes in the way they spend money. For example, rising gas prices have caused respondents to:

• Rethink the way money is spent (60%)
• Worry about how they are going to make ends meet (44%)
• Cut back on recreational activities (43%)
• Pay off debts more slowly (41%)
• Go without basic necessities (food, heat, etc.) (25%)

He found that personal finance was associated with lower levels of job performance, less enthusiasm, less willingness to help others, fewer positive feelings about the organization, higher levels of depressed moods, and an increased sensitivity to minor irritants in the workplace.

According to Hochwarter, stress caused by escalating gas prices may be additionally increased by an employer's failure to recognize the problem.

The vast majority of employees (92%) indicated their company has failed to address the rising gas problem, and 30% of employees felt employers should do something to help.

When asked what employers could do to help alleviate the problem, employees indicated their company should offer financial support of $30.00 per week. Additionally, over a third (35%) of employees indicated they would change jobs with comparable pay and responsibility if some form of assistance was offered.

Interestingly, only 15% of employees felt the price of gas would affect company profitability.

"Certainly, there are ways organizations can help," Hochwarter says. "Acknowledging the difficulties associated with high gas prices is important, and communicating how gas prices affect the company is a start."

Hochwarter concluded that the continuance of high gas prices may lead to long-term stress and less commitment to the job.

For more information about the College of Business, please go to www.cob.fsu.edu.