SAN ANTONIO, Sept. 27, 2016 /PRNewswire/ -- The number of employees living paycheck to paycheck has decreased to 63 percent, according to the 2016 "Getting Paid In America" survey recently conducted by the American Payroll Association (APA). The result is the lowest recorded by the survey since 2003 and a four percent decrease from 2015 survey findings.
"The 2016 survey clearly shows that America's workers are feeling the positive impact from the country's economic growth in recent years," said Dan Maddux, executive director of the American Payroll Association. "While many American workers are still experiencing financial difficulty, the results show encouraging steps in the right direction."
The annual survey asked respondents how difficult it would be to meet their current financial obligations if their paychecks were delayed for a week. Nearly 63 percent said they would find it somewhat or very difficult to meet their financial obligations if their paychecks were delayed.
The percentage of Americans living paycheck to paycheck peaked at 72 percent in 2010, following the 2008 financial crisis. In recent years, this number has slowly been on the decline. This year's results are down from the 67 percent of participants who indicated they would be uneasy about a delayed paycheck in 2015.
The American Payroll Association offers free tools to help employees understand their paychecks and make smart financial decisions about their pay. One strategy workers can implement to optimize their paycheck is to split their direct deposit. Split direct deposit enables workers to take the guesswork out of budgeting and savings by automatically allocating portions of their wages into multiple bank accounts or investments, to be used for things like college funding, vacation planning, retirement planning, etc. Results from the 2016 APA survey found that only 50 percent of workers are currently taking advantage of this direct deposit advantage. Visit www.nationalpayrollweek.com for more tips on getting the most out of your paycheck.
The "Getting Paid In America" survey was held in conjunction with National Payroll Week (NPW), APA's annual public awareness campaign. Over 27,000 individuals responded to the survey, providing insight into how workers are paid in America. For complete results, visit www.nationalpayrollweek.com.
The APA is the nation's leader in payroll education, publications, and training. Visit APA online at www.americanpayroll.org.
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SOURCE American Payroll Association