These are challenging times for healthcare workers, with more than half (57%) of them experiencing stress over the state of their finances. That’s according to new research from the Harris Poll and on-demand pay provider DailyPay, which serves long-term care and other industries.
Forty-nine percent of the healthcare workers surveyed said they find it challenging to pay bills on time; 25% of the total said they were unable to pay a bill in the past year.
“Healthcare workers have selflessly served communities all across the country during some of our most difficult times,” Chief Customer Officer at DailyPay Ed Zava stated. “Amid continued high inflation, they are challenged to make ends meet and pay bills on time.”
With 34% of the respondents indicating that they have run out of money between paychecks in the past year, it stands to reason that financial challenges potentially could have a long-term negative effect, according to the research. Thirty-four percent of respondents said they do not feel as if they can save enough money to live comfortably in retirement.
One solution offered by the study is for workers to be paid more frequently than twice a month. More than 80% of the respondents said that would be a good idea. More frequent pay would help healthcare workers better balance their finances, according to 48% of the respondents.
“We are encouraged to see that earned wage access offered by leading healthcare providers can be helpful in balancing their finances and avoid falling into debt,” Zaval said.
