Sept. 25, 2013
/PRNewswire/ -- The number of U.S. workers dependent on their next pay day to make ends meet continues its decline from the height of the financial crisis, according to an annual CareerBuilder survey. Thirty-six percent of workers report that they always or usually live paycheck to paycheck, a recession-era low down from its peak of 46 percent in 2008. In 2012, 40 percent of workers reported they always or usually live paycheck to paycheck.
The nationwide survey, conducted online by Harris Interactive
May 14 to June 5
, 20l3, among a representative sample of nearly 3,000 full-time, private sector U.S. workers, found that 24 percent of workers never live paycheck to paycheck, while 40 percent state they sometimes do. Eighty-two percent of workers were able to make ends meet every month in the last year, an increase of two percentage points from 2012.
One-in-five workers have missed payments in the past year, with 16 percent reporting they have missed payments on smaller bills and four percent indicating they missed payments on mortgages or other large financial obligations.
"The financial situation for many households remains a struggle, but year-after-year fewer workers report living paycheck to paycheck -- a sign that job security and spending power may be on the rise as the labor market continues to improve," said
, vice president of human resources at CareerBuilder. "More workers are saving their earnings on a monthly basis than last year, and 70 percent feel they are more fiscally responsible post-recession. As more workers join the ranks of the gainfully employed, we expect these positive trends to continue."
Savings and Retirement
A quarter (25 percent) of workers does not set aside anything for savings each month, an improvement over 27 percent last year. Thirty-one percent save more than
and 10 percent save more than
Sixty-five percent participate in a 401(k), IRA, or other comparable retirement plan, down from 67 percent last year. However, fewer workers have had to reduce their contributions to retirement plans or personal savings -- 17 percent in 2013, compared to 20 percent in 2012.