Survey: Rising inflation, gas prices affect the ability of US workers to cover other costs

Rising inflation and gas prices are hurting the ability of American workers to cover other costs, according to a study by Harris.

The survey reported that 75 percent of hourly workers are having trouble paying bills due to rising inflation. In addition, 81 percent said rising gas prices prevented them from paying other necessary expenses.

Hourly workers also reported having trouble paying various expenses, 49% having “difficulty” paying their grocery bills and 40% having trouble paying their electricity bills. Thirty-four percent of those surveyed said they had trouble making their mortgage payments.

Rising inflation is not only harmful to hourly workers but also to their well-being: 77 percent of respondents said that the stress of responding to costs “negatively affects” their health.

According to DailyPay, which ordered the survey:

To cope with rising gas costs and other financial challenges, 22% of surveyed employees took a payday loan in 2022. This challenge is exacerbated by the fact that 35% of hourly workers report they have not received a salary increase from the previous year. past. For hourly workers with an annual household income of less than $50,000, this number rises to 49%.

The survey was conducted online by Harris Poll, commissioned by Daily Pay and Funding Our Future. The survey included 654 hourly workers between May 24 and May 26, with an error of +/- 2.4%.

While the US has struggled with 40 years of inflation under the Biden administration, the majority of Americans (97 percent) say inflation is a “crisis or problem,” while 92 percent of Americans consider gas prices a “serious problem.” “Problem.

The American Automobile Association noted that the national average price of gasoline was $4,908 on June 25, about $2 more than a year ago.

You can follow Ethan Letkeman on Twitter at: @EthanLetkeman.