This study, commissioned by Funding Our Future campaign and DailyPay, polled over 2,000 American adults between the ages of 18 and 55.
Americans find it challenging to save money since the COVID-19 pandemic and around 58% of US residents are “somewhat or very anxious about their current financial situation,” the team at DailyPay noted in a blog post.
About 36% of Americans with household incomes below $50,000 “report they now have less in savings than before the pandemic hit, compared to only 13% who have more.” This is a lot different from the 41% of Americans “with household incomes above $100,000 who find themselves with more savings today.”
As mentioned in the update posted by DailyPay, financial anxiety is “the greatest among young Americans aged 18 to 34 (71%), renters (70%) and those with a household income under $50,000 (67%).”
Many employed US residents are now “looking to their employers for financial assistance as they try to save more money for retirement, and 87% say that it is very important (54%) or somewhat important (32%) that their employer offers a retirement savings program such as a 401k account and/or a contribution matching program.”
The update shared by DailyPay also mentioned that “a staggering 67% of Americans, and 79% of parents of children under 18, would be likely to switch employers if their current employer did not offer any retirement savings programs.”
As noted by DailyPay, other financial wellness programs and benefits can also “contribute to reducing Americans’ financial stress. A great deal of employed Americans (59%) believe that getting paid more frequently would help them, including 70% of hourly workers.”
This research also shows that government assistance is “aiding Americans during this time.”
Of the American parents “receiving a Child Tax Credit (CTC) payment, 36% have been able to put at least some of the money into savings.” But half or 50% of those who qualify “need to put their CTC money towards essentials such as rent and utilities.”
Matthew Kopko, VP of Public Policy for DailyPay, stated:
“This research further illustrates the expectations and responsibilities of employers to provide impactful benefits to employees. A majority of employed Americans saying they would be likely to leave an employer for better financial benefits is extremely powerful insight for companies around the country aiming to better attract, retain and engage their employees.”
To view more details about this new survey, check here.