Credit: Marek Yuralaits/Adobe Stock

While financial stress affects workers of all income levels, high inflation, fears of a recession, spiking interest rates, an unstable economy, and thousands of layoffs in seemingly impervious industries (think hitech) have created a perfect storm that’s devaluing the spending power of middle-income workers. Nearly three-quarters of middle-income families say their incomes can’t keep up with today’s cost of living. One study found 50.8% of people earning over $100,000 were living paycheck to paycheck.

Money worries can severely impact employee mental and physical health, sleep, and personal relationships. The logical paths to relief are to reign in finances, work more hours to keep pace with the cost of living, or find a new job at a higher salary. Here’s the rub: financially-stressed employees are twice as likely to look for new employment and are much less confident that their employers care about their concerns.

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