62% of U.S. Hourly Workers Can’t Cover Their Living Expenses
Or Are Living Paycheck-to-Paycheck, Deputy Survey Shows
SAN FRANCISCO, September 24, 2024 – Deputy, the global people platform for hourly work, today released its annual State of Hourly Work Report, which sheds light on the financial challenges faced by hourly workers. The report surveyed hourly workers worldwide to examine the trends, challenges, and opportunities relating to income, job stability and satisfaction, poly-employment, and perspectives on AI.
The latest U.S. Bureau of Labor Statistics update highlights slowing job growth and increasing unemployment. Deputy's findings show significant financial strain as Americans continue to feel the long-term impact of high inflation, high interest rates, and limited purchasing power. For instance, 21% of U.S. hourly workers cannot cover their current living expenses, while 41% manage to cover expenses but live paycheck-to-paycheck. Gender disparities further complicate this picture, with 23% of women and 15% of men unable to meet their financial needs. Meanwhile, 35% of women and 44% of men can cover expenses and have money left over each month. The widening gender gap, which has increased for the first time in 20 years, further exacerbates financial challenges for women.
Income Predictability Challenges
Income predictability remains a challenge for many workers, especially in industries like retail and hospitality, where scheduling could be more consistent. According to the survey, 53% of workers report their income is “very predictable,” 38% say it is “fairly predictable,” and 9% describe it as “not predictable.”
Link Between Financial Stability and Job Satisfaction
The report underscores a strong connection between financial stability and overall job satisfaction. Of workers who love their jobs, 72% report having very predictable income, 46% can cover their living expenses with money left over, and 41% are regularly able to save for the future. In stark contrast, 74% of those who dislike or hate their jobs cannot save for the future, and 39% are unable to cover their current living expenses.
“The State of Hourly Work Report offers valuable insights into the financial realities faced by hourly workers in the U.S. and around the world,” said Silvija Martincevic, CEO of Deputy. “What stands out to me is the resilience of this workforce and the critical importance of predictability – whether it’s in their schedules, income, or job security. There is a clear link between financial stability and job satisfaction, and when workers feel more secure in their finances, they are better positioned to engage, thrive, and contribute meaningfully to their workplaces.”
Rise of Poly-Employment
More hourly workers are turning to multiple jobs to make ends meet. The report finds that 27% of U.S. hourly workers hold two or more jobs – a growing trend known as poly-employment. Leading this trend is Gen X, with 33% holding multiple jobs, compared to 20% of Gen Z, 24% of Millennials, and 19% of Baby Boomers.
Mixed Feelings on AI and the Future of Work
When it comes to AI, workers widely agree that it will change their jobs, but opinions on its impact are divided. While 72% of American hourly workers agree that AI will change their roles, only 45% feel enthusiastic about its potential. Perhaps surprisingly, enthusiasm is higher among older workers, with 50% of Millennials, 49% of Gen X, and 44% of Baby Boomers expressing optimism. However, Gen Z is more anxious, with 33% worried about AI’s impact, and just 7% expressing enthusiasm.
Download a copy of the U.S. State of Hourly Work Report below.
Methodology:
Deputy conducted this research using an online survey distributed by Dimensional Research among n=1002 hourly workers across the United States who were asked various questions relating to job satisfaction, financial stability, and skill gaps.
The respondents were selected to represent a diverse cross-section of the workforce, with balances in age, gender, industry, and company size. The survey was conducted between June 22 and July 20, 2024. Certain questions were repeated from similar 2020, 2021, and 2023 surveys to enable trend analysis.
About Deputy:
Deputy is the global people platform for hourly work. Its intuitive software strengthens employer-employee connections, streamlines compliance obligations, and revolutionizes how hourly workers and businesses operate together, creating workplaces that thrive. Over 330,000 workplaces use Deputy to create better work-life experiences for 1.4 million scheduled workers globally.
Visit www.deputy.com, or find us on Twitter, Facebook, the App Store or Google Play for more information,
