Resume Now's Wage Reality Report reveals widespread financial insecurity

GUAYNABO, Puerto Rico, Jan. 23, 2025 /PRNewswire-PRWeb/ -- A new survey from Resume Now® reveals that financial stress is at a breaking point for American workers, with 73% struggling to afford anything beyond basic living expenses. The findings, highlighted in The 2025 Wage Reality Report, show dissatisfaction with salaries, surging living costs, and an impact on workplace morale. The report surveyed 1,065 U.S. workers in December 2024 and underscores a growing disconnect between wages and the cost of modern living.

Key Findings:

• 12% often cannot afford basic living expenses, and 24% struggle to cover essentials
• Only 6% are able to save for the future
• One-third of workers say their salary has not kept up with inflation
• 55% think their salary is lower than it should be
• 29% have moved to lower-cost areas or housing to navigate financial strain
• 3 in 10 have taken on debt to cover living expenses
• Only 4% of workers feel truly valued in their role

"With nearly three-quarters of workers struggling to afford more than the basics, this report highlights a growing financial crisis that affects workers across all income levels," says Keith Spencer, career expert at Resume Now. "Rising costs, stagnant wages, and a lack of meaningful support from employers are creating a perfect storm of stress, dissatisfaction, and instability in the workforce."

Basic Living Expenses Remain a Struggle for Many

Meeting basic living expenses remains a significant challenge for many workers.

• 12% report they often cannot afford basic living expenses.
• 24% can afford essentials but struggle to do so.
• 37% can manage basic expenses but with limited room for extras.
• 21% can comfortably afford basic living essentials and some extras.
• 6% say they can easily afford basic living expenses and save for the future.

Why Workers are Struggling

The top financial concerns among workers are:

1.    Rising housing costs (55%)
2.    Increasing prices for everyday essentials (41%)
3.    Salaries failing to keep up with inflation (34%)
4.    The inability to save for emergencies or the future (33%)

Coping With Financial Stress

To navigate this financial strain, many workers are forced to make tough decisions:

• 44% sought financial help from friends or family.
• 38% relied on community or government aid.
• 35% reduced or eliminated savings.
• 29% moved to lower-cost areas or housing.
• 28% took on debt to cover living expenses.

Lower-income workers are more likely to seek outside help (53%) or take on debt (42%).

Workplace Impacts: Morale, Motivation, and Resentment

Salary dissatisfaction is eroding workplace dynamics. Fifty-five percent of workers say their salary is lower than it should be, with subsequent results:

• 22% feel unappreciated, which affects team morale.
• 21% report tension or competition with colleagues.
• Only 4% feel truly valued in their roles.

How Workers Feel About Their Paychecks

Workers have mixed feelings about salary fairness:

• 55% think their salary is lower than it should be.
• 23% feel their salary is fair.
• 22% feel their salary is higher than warranted.

What Workers Want From Employers

Workers are asking for meaningful changes—better benefits, transparency in pay, and opportunities for skill development:

• 52% want better benefits like healthcare and retirement matching.
• 40% demand clear pathways to career growth and salary increases.
• 34% seek education and certifications to improve earning potential.

To view the full report with more information, please visit https://www.resume-now.com/job-resources/careers/wage-reality-report or contact Joseph Santaella at joseph.santaella@bold.com. 

Methodology:
The findings provided were gathered through a survey conducted with 1,065 American workers on December 11, 2024. Participants were queried about their feelings around their salaries and their current financial situation. Participants responded to various question types, including yes/no questions, open-ended questions, scale-based questions gauging agreement levels, and questions that permitted the selection of multiple options from a list of answers.

About Resume Now
Since 2005, Resume Now has offered job seekers a fast and easy way to create a beautifully designed, expert-backed resume. With pre-written, industry-specific phrases and recruiter-approved templates, the award-winning builder enables users to create a polished and professional resume in minutes. Resume Now has been featured in major outlets such as Fortune, Forbes, and more. Stay connected with Resume Now's latest updates on Facebook and LinkedIn.

Media Contact

Joseph Santaella, Resume Now, 787-236-9388, joseph.santaella@bold.com, https://www.resume-now.com/ 

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SOURCE Resume Now