A new Harris poll from IntelyCare and DailyPay shines a light on the money worries affecting America’s frontline heroes
Nearly 7 out of 10 healthcare professionals find managing their finances stressful
NEW YORK, November 30, 2022 /PRNewswire/ — Inflation is taking its toll on America’s health care workers. A recent Harris pollamong over 2,000 US adults, nearly 200 of whom are healthcare professionals, commissioned by IntelyCare and DailyPay found that a majority of healthcare workers across the country say stress about their personal finances has had a negative impact on their sleep (64%), mental health (59%), self-esteem (56%), physical health (53%) ), and relationships at home (53%).
Overall, 68% of healthcare professionals find it stressful to manage their finances (56% of Americans overall say the same) with more than half of healthcare professionals (52%) feeling less confident about their personal financial situation now compared to with a year ago. Looking ahead, 79% of healthcare professionals are at least somewhat concerned that changes in the economy (eg, inflation, recession) will have a negative impact on their personal financial situation in the next six months. This is particularly worrying given that already 65% of healthcare professionals say their household usually lives paycheck to paycheck and 48% expect to need a short-term loan in the next six months.
Specifically, the majority of healthcare workers are more concerned now than they were a year ago about paying for groceries/food (58%), rent/mortgage (57%), car gas (56%) and utility bills (53%). ) ).
On a positive note, the majority of healthcare workers (71%) say their employer cares about their mental and physical health and the same proportion (71%) say their employer gives them the flexibility they need to manage their personal lives during during working hours.
But there is an appetite for even more flexibility as the majority of healthcare workers (58%) would be willing to take a pay cut for more flexible working hours. Nearly three-quarters (73%) say it’s important to them that their employer provides tools and resources to help them cope with financial stress.
“With the ongoing health workforce shortage plaguing this country, it is very disheartening to see so many of those left struggling. which are offset by the rising cost of living will not translate into building a sustainable workforce,” he said David Coppins, co-founder and CEO of IntelyCare. “We’ve spent the last few years at IntelyCare actively listening to our 50,000 nurses and aides. We’ve had tremendous success in terms of hiring and retention due in large part to offering differentiated financial benefits and working with partners like DailyPay.
Research supports the positive impact a pay-as-you-go benefit can have on employee recruitment and retention. Among healthcare professionals:
- 71% would be more likely to stay on the job if their employer offered a pay-on-demand benefit than if it didn’t
- 64% say that if they were looking for a new job, they would be more attracted to an employer that offers pay-on-demand benefits than one that does not
- 65% say being able to track their earned wages on a daily basis will help reduce financial stress
- 30% would be willing to take a 10% or more pay cut for more flexible working hours
- 46% do not feel their employer provides adequate resources or benefits to help them cope with financial stress
“Healthcare workers have given so much of themselves to support their communities, especially in the last few years with the global pandemic,” he said. Kevin Koop, Chief Executive Officer, DailyPay. “We are proud to partner with healthcare companies nationwide who are doing everything they can to support their selfless team members with impactful benefits to help mitigate the negative effects of inflation.”
There are other avenues that healthcare organizations should consider. Answering the call for more flexibility in scheduling is one thing, as 30% of healthcare workers would be willing to cut their wages by 10% or more for more flexible working hours. There is also a need for adequate resources or benefits to help workers cope with financial stress, as 46% of healthcare workers do not believe their employer provides this approach.
One additional consideration would be to provide additional financial support through a charitable non-profit organization, similar to IntelyCare’s IntelyHeart Foundation.
This survey was conducted online within the The United States by Harris Paul on behalf of DailyPay and Intelycare from October 4-6, 2022 among 2,068 US adults aged 18 and older, of whom 1,053 were employed full-time or part-time, and 197 were workers in the health care industry. The sampling precision of Harris online surveys are measured using a Bayesian confidence interval. For this study, the sample data is accurate to +/- 2.8 percentage points using a 95% confidence level. For full survey methodology, including weighting variables and subgroup sample sizes, please contact [email protected].
At IntelyCare, our mission is to empower healthcare professionals to work better, together. A leading healthcare workforce management platform, IntelyCare’s AI-based floatation pool management and log-matching technology keep healthcare facilities running smoothly. While care professionals can use IntelyCare’s app to get the scheduling flexibility they deserve. By creating a better work environment for healthcare professionals, IntelyCare is helping to end the nursing staffing crisis and ensure that patients receive optimal care.
DailyPay, Inc., powered by its industry-leading technology platform, is on a mission to build a new financial system for everyone. DailyPay delivers the industry’s leading on-demand payment solution with modern, insight-driven payment strategies that help America’s leading employers activate their workforce and build stronger relationships with their employees, so they feel more engaged, work harder and stay longer. Through its massive data network, commercial funding model and connectivity to over 6,000 endpoints in the banking system, DailyPay works to ensure money is always in the right place at the right time for employers, merchants and financial institutions. DailyPay is headquartered in New Yorkwith operations based in Minneapolis and Belfast. For more information, visit www.dailypay.com/press.