Inflation may be cooling, but many workers are still feeling the heat of high living costs and its adversely impacting their health.
New research commissioned by Funding Our Future and DailyPay and conducted online by The Harris Poll found that most (85%) of the hourly workforce in the U.S. say inflation, has immensely affected their lives over the past year, according to a news release shared with ESSENCE.
Nearly all hourly workers (93%) are stressed when attempting to manage their finances and 71% shared they are being affected physically and/or mentally. Gen Z are the most likely of our workforce to be hourly workers, so their health is the most at risk.
“The youngest members of our labor market are experiencing significant financial stress, which has a detrimental impact on their health as well as the opportunity for a secure future,” said Lettie Nocera, Senior Manager of the Funding Our Future coalition at the Bipartisan Policy Center in a statement shared with ESSENCE. “We must continue to advance innovative solutions that meet the evolving needs of all American workers.”
Nineteen percent of Gen Z hourly workers shared they were forced to rely payday loans to handle paying bills when when cash was low.
“The data further reinforces hourly workers’ need for options that create financial flexibility to successfully make ends meet,” said Stacy Greiner, Chief Operating Officer, DailyPay in a statement. “On-demand pay can provide a valuable lifeline for hourly workers by giving them access to their earned wages to pay bills on time and avoid predatory options such as payday loans.”