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Most American teachers are stressed about their finances, according to a new DailyPay survey conducted by Harris Poll
Osee 1 in 4 say they ran out of money between paychecks last year
7 in 10 say it would be useful to receive more than 2x per month
NEW YORK, June 5, 2024 /PRNewswire/ — The majority (61%) of teachers in the U.S. are stressed about their finances, and many are taking on a second job or considering leaving their job for one that pays more, according to new search of Daily Payment conducted by The Harris Poll.
The new data reveals the challenges teachers face in making ends meet on a regular basis. For example, research shows that 42% say they find it difficult to pay their bills on time, while 27% say they ran out of money between paychecks last year. In fact, one in five teachers say they were unable to pay a bill in the last year.
Not surprisingly, only half say they feel they can save enough money to live comfortably in retirement. To supplement their income, more than 1 in 5 (22%) say they had to get a second job or side job to survive. These seemingly impossible challenges lead some to consider abandoning teaching altogether. Data shows that more than a quarter of teachers (27%) say they have considered leaving their current job for one that pays more.
One solution for teachers to pay their bills on time could be to resolve the misalignment between their salaries and their bills. According to the survey, 70% of teachers say it would be helpful to receive payments more frequently than twice a month.
“With continued high inflation and rising costs for everyday necessities, teachers across the country face daunting challenges making ends meet and paying their bills on time,” said Alex Haig, vice president of Public Sector at DailyPay. “One solution to help our frontline hero teachers is the employer-provided financial well-being benefit of Access to Earned Wages. With this benefit, teachers have the power to choose and control their earned wages to pay the bills in day and live a better financial life.”
Research Methodology:
The survey was conducted online in the United States by The Harris Poll on behalf of DailyPay among 508 adults who work full-time in education as elementary and secondary school teachers in public, public or private school districts. The survey was conducted from April 18 to 24, 2024. Respondents for this survey were selected from those who agreed to participate in our surveys. The sampling precision of Harris online polls is measured using a Bayesian credibility interval. For this study, sample data is accurate to within ±6.1 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest.
For the full survey methodology, including weighting variables, see contact details below.
About DailyPay, Inc.
DailyPay, Inc. is transforming the way people get paid. As an industry-leading workplace technology company and earned wage access solution, DailyPay leverages an award-winning technology platform to help America’s top employers build stronger relationships with their employees. This voluntary employee benefit allows workers around the world to feel more motivated to work harder and stay on the job longer, while supporting their financial well-being outside of the workplace. DailyPay is headquartered in New York City. For more information visit www.dailypay.com/press.
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SOURCE DailyPay