The majority of working Americans are doing worse financially compared to last year. A recent study from Salary Finance revealed that women were impacted more than men. More than two-thirds reported they regularly run out of money. This compares to 40% of men.
All income levels have felt the effects of inflation and the economic downturn. More than two-thirds of working Americans are doing worse financially than they were a year ago. Almost 3 in 10 workers have completely wiped out their savings. And almost three quarters have less savings compared to last year.Â
Half of high-income employees (those making more than $100,000 a year) have less savings than last year and struggle more with their finances. The situation looks grim across the board, as about one-third of workers run out of money between paychecks on a regular basis. This compares to 20% who said the same in February 2022.
The stress is beginning to take its toll. The vast majority (more than 90%) who are dealing with financial stress face mental health issues because of it. More than half (nearly 60%) of workers spend at least one hour a week dealing with or thinking about financial issues at work.
