Two-thirds (66%) of quick-service and fast-casual restaurant industry employees are at least somewhat stressed about their finances, according to a new independent study conducted by YouGov, commissioned by DailyPay.
The research, which surveyed quick service restaurant (QSR) and fast-casual restaurant employees, indicates “that the majority believe financial stress has had at least somewhat of a negative impact on their emotional well-being (72%), mental health (70%), physical health (64%), job satisfaction (58%), job performance (39%) and attendance (34%).”
Adding to that stress, having cash on hand is “an issue for most.” Seventy-two percent of industry employees are “at least occasionally short on cash, with over one-third (35%) frequently or very frequently short on cash.”
However, in a sign of optimism, “nearly half (45%) of those surveyed feel better financially compared to a year ago. With hopes of their economic situation improving, only 14% expect to be in a financially worse situation a year from now.”
The employer-sponsored financial wellness benefit of earned wage access “can be helpful with personal financial challenges, according to the survey.”
Over seven in 10 (72%) say the concept of earned wage access is somewhat or very appealing, with 56% saying getting paid more frequently “at work than they currently do would be “very” or “extremely” beneficial to them.”
The survey of QSR and fast-casual restaurant employees also noted “that about half (49%) would be very or somewhat likely to consider leaving their current employer for another employer that offers earned wage access, with 42% saying on-demand pay would be extremely or very important when looking for a new job.”
Ed Zaval, Chief Customer Officer, DailyPay, said:
“Earned Wage Access has proven to be an important component of the financial wellness package for leading QSR employers, helping to drive new applicants and provide a competitive edge in recruiting. This new research confirms that during these challenging economic times, EWA can be beneficial in helping employees make ends meet.”
Methodology
YouGov conducted a 10-minute online survey “on behalf of DailyPay, surveying 688 quick-service and fast-casual restaurant employees (e.g. cashiers, cooks, kitchen staff, counter staff, delivery staff, servers and drive-thru attendants) in September and October 2023.”
As covered, DailyPay, Inc., “powered by its industry-leading technology platform, is on a mission to build a new financial system for everyone.”
DailyPay delivers the industry’s on-demand pay solution “that helps America’s leading employers build stronger relationships with their employees, so they feel more engaged, work harder, and stay longer.”
DailyPay works to “ensure that money is always in the right place at the right time for employees and employers. DailyPay is headquartered in New York City, with operations based in Minneapolis and Belfast.”