Navigating the workplace can be challenging, and we often encounter people who are difficult to deal with. It's not unusual, considering we spend more time with our colleagues than at our own homes.
However, the situation becomes even more challenging when we have coworkers who, at the first opportunity, will ask to borrow money.
While it’s common to know someone who is going through financial difficulties and may ask for a loan, the dynamics change when this happens frequently in the workplace… Just like me, you may find yourself with the interrogative:
How do compulsive borrowers affect my work environment?
What is a compulsive borrower?
A compulsive borrower is someone for whom borrowing money has become a lifestyle.
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They often fear failing to meet their obligations, leading them to take on new debts to pay off old ones, creating a vicious cycle they can’t escape.
Typical behaviors include:
- Frequently borrowing small items or amounts of money and never returning them.
- Impulse buying.
- Regularly experiencing financial crises.
- Living on the edge: quickly spending their paycheck, constantly exceeding budgets, or maxing out credit cards.
- Holding onto hope that “someone” or “something” will rescue them from their financial woes.
Compulsive borrowers in the workplace
The main issue with encountering a compulsive borrower at work is that it creates a complex work environment.
It would be easy to say, “just don’t lend them money,” but we know it’s not that simple.
Separating personal life from work is nearly impossible due to the extensive hours we spend together.
If you can identify a compulsive borrower, it’s likely because you have either lent them money yourself or have heard from colleagues about their constant borrowing.
This situation, apart from being uncomfortable, is difficult to manage. We face two major challenges:
- Difficulty in saying no.
- Reluctance to collect debts owed to us.
When these issues happen in the workplace, they complicate matters because we want to avoid conflicts, yet find ourselves targeted by those desperate to borrow at any cost.
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Having someone who constantly seeks others out for money can lead to communication breakdowns, frustrations, misunderstandings, and conflicts, either due to delays in repayment or the likelihood they will never repay what they borrowed.
This inevitably impacts the quality of the work environment.
What to do when you encounter one at work?
You might be wondering, should I lend them money or not? The answer is not to take this issue lightly.
Lending money should be a well-considered decision, as there’s a real chance it won’t be returned.
You must consider your current financial situation before making such a decision.
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Don’t forget that this involves a coworker that you’ll continually interact with, regardless of the outcome.
If you know this can end up upsetting your relationship, either because they don’t repay you, or it becomes a habit for them to borrow, remember there’s really little you can do to prevent it, given it may already be a part of their lifestyle.
What if it's you?
If you identify yourself as the office borrower, it's time to become more aware of the serious consequences this behavior has on your finances, personal relationships, and work life.
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Meeting someone who only approaches you for money is uncomfortable, especially at work, where it can eventually lead to significant issues among colleagues.
Always remember, before deciding whether to lend money or not, the best way to protect your job and your assets is through common sense and making financial decisions with your head, not your heart.
