What would you give up to get your paycheck sooner? Takeout? Jewelry? Cable?
A new study conducted by Hyperwallet revealed this and more feelings Americans have about payday. For example, 61% of respondents said they’d never eat chocolate again if it meant getting paid sooner.
Countless studies have shown that most Americans live paycheck to paycheck – as many as three out of every four. For those working multiple jobs, it’s because they have to in order to make ends meet – not because they want too.
However, a large portion of Hyperwallet’s survey respondents disclosed they’re willing to delay paying the water bill if it means they can go to happy hour more frequently. An alarming 50% admitted to this. So, many of those working two jobs to “make ends meet” are actually doing it because they can’t give up paying for social activities.
Other interesting tidbits gleaned from this survey include the amount of Americans who would have to completely give up buying nonessentials –new clothes, shoes, etc. - and just how far they’d go to make sure they could pay bills and rent. Fifty-percent of survey takers would have to cut down to just essentials, like gas. Of the 2,000 survey participants, 31% couldn’t pay rent if they missed a paycheck, and that has led to some pawning off family jewelry, or dipping into their retirement savings.
The survey concludes the average American is anxious about payday. However, processing paychecks quicker on the employer’s part and understanding and budgeting better on the employee side should help ease the stress. See how the salary calculator of PaycheckCity can help now!