Nearly 60% of American workers worry they can’t support their families
According to an American Staffing Association poll, 58% worry that their pay isn’t enough to provide for their family. The poll was published Wednesday.
According to the survey, parents with children were more anxious than those without minors (66%), and Hispanic workers (69%) respectively. These concerns led 28% to plan to look for new, better-paying jobs within six months. 27% also said that they will seek out a second job in order to bridge their financial gaps.
Millennials and Generation Z adults were far more likely to seek out higher-paying jobs – 40% and 36%, respectively – than their Baby Boomer parents, just 13% of whom planned to look for better employment. A majority of those in the older age group worried about their ability to be hired for more desirable positions.
Even workers with a good salary have been able to see their wages cover less in 2022. Inflation is at its highest level for 40 years, compared to before the Covid-19 epidemic and the money-printing. The average hourly earnings, adjusted for inflation, have fallen 3.6% in the past year.
The US Census Bureau also conducted a survey that reached similar results. Nearly a third of the respondents reported difficulty covering household expenses.
The approval ratings of US President Joe Biden have fallen to record levels. Americans hold him accountable for what economists predict will be a severe recession. Americans find their finances are stretched thin due to rising food costs, record high gasoline prices and an enormous real estate bubble. Before the pandemic nearly three quarters of US citizens didn’t have enough money to make a surprise $500 purchase.