The Majority of American Teachers Are Stressed About Their Finances According to New Research From DailyPay Conducted by The Harris Poll

Over 1 in 4 Say They Ran Out Of Money Between Paychecks In The Past Year

7 in 10 Say It Would Be Helpful To Be Paid More Than 2x Per Month

NEW YORK, June 5, 2024 /PRNewswire/ -- The majority (61%) of teachers in the U.S. are stressed about their finances, with many either getting a second job or considering leaving their job for one that pays more, according to new research from DailyPay conducted by The Harris Poll.

The new data reveals the challenges teachers face in making ends meet on a regular basis. For example, the poll shows that 42% say they find it challenging to pay bills on time while 27% say they ran out of money between paychecks in the past year. In fact, one in five teachers say they were unable to pay a bill in the last year.

Not surprisingly, only half say they feel like they can save enough money to live comfortably in retirement. To supplement their income, more than 1 in 5 (22%) say they had to get a second job or side hustle to make ends meet. These seemingly impossible challenges drive some to consider leaving their teaching job altogether. The data shows more than a quarter of teachers (27%) say they have considered leaving their current job for one that pays more.

One solution for teachers to pay bills on time could be addressing the misalignment of their pay and their bills. According to the research, 70% of teachers say it would be helpful to be paid more frequently than twice per month.

"With continued high inflation and the surging costs in everyday necessities, teachers from across the country are faced with daunting challenges to make ends meet and pay bills on time," said Alex Haig, Vice President, Public Sector, DailyPay. "One solution to help our frontline hero teachers is the employer-offered financial wellness benefit of earned wage access. With this benefit, teachers are empowered with choice and control over their earned wages to pay bills on time and live a better financial life."

The research was conducted online in the United States by The Harris Poll on behalf of DailyPay among 508 adults who are employed full-time in education as K-12 teachers in public district, public charter, or private schools. The survey was conducted from 18th April to 24th April 2024. Respondents for this survey were selected from among those who have agreed to participate in our surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within ± 6.1 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest. 

For complete survey methodology, including weighting variables, please see below for contacts.

DailyPay, Inc. is transforming the way people get paid. As a worktech company and the industry's leading earned wage access solution, DailyPay uses an award-winning technology platform to help America's top employers build stronger relationships with their employees. This voluntary employee benefit enables workers everywhere to feel more motivated to work harder and stay longer on the job while supporting their financial well-being outside of the workplace. DailyPay is headquartered in New York City. For more information, visit www.dailypay.com/press.

Media Contacts:
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Adriana Ball
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SOURCE DailyPay