NEW YORK, December 15, 2021 / PRNewswire / – A new survey, commissioned by the Financing our future coalition and DailyPay, and conducted online by The Harris Poll to more than 2,000 American adults, reveals that the pandemic and the recession that followed widened the savings gap in United States. Thirty-six percent of Americans with lower household incomes $ 50,000 report they now have less savings than before the pandemic, compared with just 13% who have more. This is juxtaposed with the 41% of Americans with household income $ 100,000 or more who end up with more savings today and only 20% who have less compared to before the pandemic. In addition, more than half (58%) of Americans say they are worried about their current financial situation. This financial anxiety is greatest among young Americans (those aged 18-34) (71%), renters (70%), and those with household incomes below. $ 50,000 (67%).
As Americans seek opportunities to build savings and plan for the future, the vast majority look to their employers for help. Eighty-seven percent of U.S. employees say it’s very important (54%) or somewhat important (32%) for their employer to offer a retirement savings program, such as a 401 (k) account. These benefits are so important that 67% of U.S. employees and 79% of employed parents of children under the age of 18 say they would be very or somewhat likely to change employers if their current employer did not offer an employee benefit program. ‘pension saving.
Financial wellness benefit programs can also help Americans save money and feel less stressful about their finances. Studies show that employees with access to earned wages, for example, are less likely to take out payday loans or incur overdraft fees. This type of workplace benefit has been offered by a growing number of employers in recent years and allows employees to determine when they are paid, rather than waiting for a pre-arranged and scheduled payday. In fact, according to the Funding Our Future and DailyPay / Harris Poll survey, many employed Americans (59%) say they would benefit from being paid more often at work than they currently do, including 70% of workers. schedules aged 18 to 55. .
Funding Our Future and DailyPay / Harris Poll research shows that government assistance can also help some parents save during this time of financial hardship. Thirty-six percent of parents who received monthly Child Tax Credit (CTC) payments, which were rolled out as of July this year as part of the American Rescue Plan Act, have put at least some of the money in savings. Half (50%) of parents who received CTC used at least part of the funds to pay for essentials (eg, rent, utility bills, etc.).
“Many Americans continue to face financial hardship, making it difficult to save for the future,” said Kara watkins, Senior Manager of the Funding for Our Future coalition. “This survey highlights the need for both public and private solutions to put Americans back on the path to financial security.”
“This research further illustrates the expectations and responsibilities of employers to provide impactful benefits to employees,” said Matthieu kopko, vice president of public policy for DailyPay. “A majority of employed Americans saying they would be likely to leave an employer for better financial benefits is an extremely powerful insight for businesses nationwide to better attract, retain and engage their employees.”
About Financing Our Future
Funding Our Future is a national coalition of more than 60 partners from the not-for-profit, academia, professional associations, and business sectors dedicated to improving retirement security for all Americans. The alliance educates the public on the barriers to retirement security and calls on policymakers to make strengthening retirement policies a top priority.
DailyPay, powered by its cutting edge technology platform, is on a mission to create a new financial system. In partnership with America’s top employers, including Dollar Tree, Berkshire Hathaway and Adecco, DailyPay is the benchmark for pay-on-demand. With its massive data network, proprietary funding model, and connections to over 6,000 endpoints in the banking system, DailyPay ensures that money is always in the right place at the right time for employers, merchants. and financial institutions. DailyPay develops the technology and the mindset to reinvent the way money flows, from the start of work. DailyPay is headquartered at New York City, with operations based on Minneapolis. For more information visit www.dailypay.com/press.
This survey was conducted online within United States by The Harris Poll on behalf of DailyPay between November 30 – December 2, 2021, among 2,038 U.S. adults aged 18 and over, of which 1,009 are employed full / part-time, and 498 are hourly workers aged 18 to 55. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For a complete survey methodology, including weights variables and sample sizes of subgroups, please contact [email protected].
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E-mail: [email protected]
E-mail: [email protected]