Survey: More Employees Living Paycheck to Paycheck
Nearly half of U.S. workers (47 percent) say they always or usually live paycheck to paycheck just to make ends meet, up from 43 percent last year, according to a nationwide survey of 7,192 full-time employees and 2,770 hiring managers and human resources professionals by CareerBuilder.com. A quarter of workers say they don't put any money aside for savings each month, and one-in-five (21 percent) workers with salaries of $100,000 or more report they too live paycheck to paycheck. Of those who do save, 34 percent of workers set aside less than $100 a month for savings, and 18 percent save $50 or less.
Additionally, a third of workers say they do not participate in any programs such as 401k, IRAs or retirement plans. One in ten (10 percent) workers making more than $100,000 report putting no money into savings each month or participating in a 401k, IRA or comparable retirement plan. More men (77 percent) than woman (72 percent) say they save some portion of their paycheck each month, while 70 percent of women claim to have a set budget, compared to 61 percent of men.
Four-in-ten (42 percent) workers say they would need up to an additional $500 per paycheck to live comfortably. Fourteen percent says they have to work more than one job to keep up with monthly expenses.
"Nearly two-thirds of workers say they have a set budget each pay period, although 19 percent admit to typically going over it," said Rosemary Haefner, vice president of human resources for CareerBuilder.com. "Just like in business, going over a budget can have negative consequences on the bottom line. Workers who are facing challenges in this area may want to reevaluate where their funds are being allocated, so they can identify opportunities to reprioritize, recoup savings, and lighten their financial burden."
For complete survey results, as well as tips on how to enhance your finanaces, visit www.careerbuilder.com.