70% Of Americans Struggling To Make Ends Meet This Year
Heading into the holiday season, 7 out of 10 Americans (70%) say they are struggling to make ends meet this year, according to a new survey commissioned by DailyPay and conducted online by The Harris Poll among over 2,000 U.S. adults.
Nearly half (47%) of Americans are taking extra steps this year, compared to last, to make ends meet, including working extra hours (22%) or taking on seasonal jobs (18%).
Additionally, over one-third of employed Americans (36%) say they rely on financial assistance programs offered by their employer for financial guidance and advice, which can be helpful for those struggling, especially through the holidays.
Many Americans (45%) say that having access to on-demand pay, instead of waiting for a company-scheduled payday, would have an impact on their spending this holiday season.
1 in 5 (21%) say they would be able to manage holiday spending better.
1 in 6 (17%) say they would be able to make monthly payments on holiday purchases easier
1 in 7 (13%) say they would require fewer loans to make holiday purchases.
"Businesses that provide an on-demand pay ecosystem for their employees will be giving them a powerful means to have control and choice associated with their finances this holiday season," said Jason Lee, CEO of DailyPay. "DailyPay is recognized as the gold standard, award-winning pay experience that will help millions of working Americans navigate the challenging holiday shopping season."
"Employee experience matters now more than ever," said Cynthia Reale, VP of Human Resources, North America for OSL Services, a DailyPay partner. "Everything from an increase in time off to greater flexibility with shifts and providing employees full control over their earned income, on-demand pay will go a long way in our recruiting efforts."
Despite high unemployment and continued outbreaks of COVID-19, more than half of Americans (54%) are feeling hopeful that the economy will improve by the end of this year.
The optimistic outlook includes holiday shopping plans. The survey found more than 2 in 5 Americans (41%) plan to spend the same amount in-store for holiday purchases as they did last holiday season, and 11% plan to spend even more.
Many will continue to shop online this holiday season as well. 28% of Americans plan to spend more online for holiday purchases than last year, compared to 26% who plan to spend less than they did last year.
That is good news for retailers as this will be a pivotal holiday season for so many following an extremely difficult last six months.