CHICAGO and ATLANTA, Aug. 24,
2017 /PRNewswire/ -- Do you countdown to payday? You're
not alone. More than three-quarters of workers (78 percent) are
living paycheck-to-paycheck to make ends meet — up from 75 percent
last year and a trait more common in women than men — 81 vs. 75
percent, according to new CareerBuilder research. Thirty-eight
percent of employees said they sometimes live paycheck-to-paycheck,
17 percent said they usually do and 23 percent said they always
do.
The national survey, which was conducted online by Harris Poll
on behalf of CareerBuilder from May 24 to June 16, 2017,
included representative samples of 2,369 full-time employers and
3,462 full-time U.S. workers across industries and company sizes in
the private sector.
More Money, Less Financial Headaches?
Having a higher salary doesn't necessarily mean money woes are
behind you, with nearly one in 10 workers making $100,000 or more (9 percent) saying they usually
or always live paycheck-to-paycheck and 59 percent in that income
bracket in debt. Twenty-eight percent of workers making
$50,000-$99,999 usually or always
live paycheck to paycheck, 70 percent are in debt; and 51 percent
of those making less than $50,000
usually or always live paycheck to paycheck to make ends meet, 73
percent are in debt.
"As an employer, your employees' financial problems become your
financial problems," said Rosemary
Haefner, chief human resources officer for CareerBuilder.
"If workers are constantly thinking about their financial
struggles, their quality of work can decrease, and it can take a
hit on their morale and productivity. If you do what you can to
help people keep their finances under control — by doing
things such as matching 401(k) contributions or hosting financial
planning seminars — you'll ease some of their financial worries and
it will be less likely to have a negative impact on your
business."
Debt is a Growing Issue for Workers
A quarter of workers (25 percent) have not been able to make ends
meet every month in the last year, and 20 percent have missed
payment on some smaller bills. Further, 71 percent of all workers
say they're in debt — up from 68 percent last year. While 46
percent say their debt is manageable, more than half of those in
debt (56 percent) say they feel they will always be in debt. And it
should be noted that 18 percent of all workers have reduced their
401k contribution and/or personal savings in the last year, more
than a third (38 percent) do not participate in a 401k plan, IRA or
comparable retirement plan, and 26 percent have not set aside any
savings each month in the last year.
Less than a third of workers (32 percent) stick to a clearly
defined budget and a slight majority (56 percent) save $100 or less a month:
- None: 26 percent
- Less than $50: 15 percent
- $51 to $100: 16 percent
- $101 to $250: 14 percent
- $251 to $500: 11 percent
- $501 to $750: 5 percent
- $751 to $1,000: 4 percent
- More than $1,000: 10 percent
Still, despite financial woes, there are certain things
employees aren't willing to give up. When asked what they'd
absolutely not give up, regardless of financial concerns, employees
cited:
- Internet connection: 54 percent
- Mobile device (smart phone, tablet, etc.): 53 percent
- Driving: 48 percent
- Pets: 37 percent
- Cable: 21 percent
- Going out to eat: 19 percent
- Traveling: 17 percent
- Education: 13 percent
- Buying gifts for people: 13 percent
- Alcohol: 11 percent
Minimum Wage Workers Can't Make Ends Meet
The majority of workers (81 percent) have worked a minimum wage
job, and 71 percent of them were not able to make ends meet
financially during that time — more than half (54 percent) had to
work more than one job.
To alleviate some financial burden, 83 percent of employers that
are hiring minimum wage workers this year (45 percent) will be
raising the minimum wage at their organization.
Survey Methodology
This survey was conducted online
within the U.S. by Harris Poll on behalf of CareerBuilder among
2,369 hiring and human resource managers ages 18 and over (employed
full-time, not self-employed, non-government) and 3,462 employees
ages 18 and over (employed full-time, not self-employed,
non-government) between May 24 and June 16,
2017 (percentages for some questions are based on a subset,
based on their responses to certain questions). With pure
probability samples of 2,369 and 3,462, one could say with a 95
percent probability that the overall results have sampling errors
of +/- 2.01 and +/- 1.67 percentage points,
respectively. Sampling error for data from sub-samples is
higher and varies.
About CareerBuilder®
CareerBuilder is a global, end-to-end human capital solutions
company focused on helping employers find, hire and manage great
talent. Combining advertising, software and services, CareerBuilder
leads the industry in recruiting solutions, employment screening
and human capital management. It also operates top job sites around
the world. CareerBuilder and its subsidiaries operate in
the United States, Europe, Canada and Asia. For more information, visit
www.careerbuilder.com.
Media Contact
Ladan Nikravan Hayes
312.698.0538
ladan.hayes@careerbuilder.com
http://www.twitter.com/CareerBuilderPR
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SOURCE CareerBuilder