Seventy-two percent of Americans would experience financial difficulty if their paychecks were delayed for a week, according to results from the 2022 "Getting Paid in America" survey conducted by the American Payroll Association (APA). This is a nine percent increase from the 63 percent of individuals who indicated they were living paycheck to paycheck in the 2021 survey.
"That a majority of respondents reported they would have at least some difficulty meeting current financial obligations if their pay is delayed shows how narrow a margin for error they have in managing their finances. On-demand pay programs assist workers with making it to the next payday without damaging their financial status," said Michael Baer, CPP, special advisor at DailyPay.
"Now more than ever, employees should educate themselves on ways they can take hold of their finances," said Dan Maddux, Executive Director of the APA. On its National Payroll Week website, the APA offers educational resources and tools to help individuals better understand how to get more from their pay, make strategic withholding decisions and better plan for their financial goals today and tomorrow.
For complete survey results, visit www.nationalpayrollweek.com.
Editor’s Take:
Shocking! That’s the first word that comes to mind with this article. People often talk about such matters, but there is something about seeing the statistics in writing that really brings reality into focus. With inflation continuing to rise and real wages continuing to fall, it simply highlights and underscores the situation for a huge portion of our nation. That is precisely why we continue the drumbeat for farmers/ranchers as your best customer prospects going forward. With record net farm incomes last year and expected again this year, rising land values and the prospect of a huge tax liability (unless they invest in their operation), farmers/ranchers are perfectly positioned to purchase trucks and SUV’s from CAD members! We encourage you to pick up the drumbeat and contact all the farmers and ranchers in your area – let them know you support them and can help lower their tax burden.
