Payday pressures are pushing workers to tap into their savings, new survey suggests
More than one quarter of American workers (27%) have unexpectedly had to move money out of their savings account in the last day, per new research.And a little more than one in 10 (12%) have done so in the last few hours, according to the survey of 1,000 hourly and 1,000 salaried workers, which found that most of those polled have a savings account (92%).The study revealed that hourly workers are drawing down their savings to make it to payday, and while building savings may be a top financial goal, many are struggling to keep that money in the bank.Though 84% of workers polled said that building savings is one of their top financial goals, savings habits also differ dramatically between demographics.Just 5% of salaried workers have had to dip into savings within the last few hours, compared to the 20% of hourly workers who have done so in that same timeframe.In the survey, more than half of hourly workers (55%) also said they withdraw money from savings on a weekly basis, totaling an average of $216 per month.And the money isn’t necessarily going toward major emergencies.
Over one-third (34%) of hourly workers said they’ve tapped their savings for everyday necessities such as groceries, medications, and gas.The study, conducted by Talker Research on behalf of Chime, surveyed workers about their financial health, savings habits and the tools they use to manage their money.The findings point to a disconnect between workers’ desire to build savings and their ability to leave that money untouched, especially among those paid hourly.“Hourly workers aren’t telling us they don’t want to save.
They’re telling us they can’t keep their savings saved,” said Bill Gartland, head of go-to-market at Chime Enterprise.“When money set aside for the future repeatedly has to cover groceries, medication or the days before payday, it becomes much harder to build a financial cushion.”The strain doesn’t necessarily end when the workday begins.
Hourly workers sur...