Employees in America Living Paycheck to Paycheck Even After Tax Reform

SAN ANTONIO, Sept. 13, 2018 /PRNewswire/ -- More than 70 percent of employees would experience financial difficulty if their paychecks were delayed for a week, according to the 2018 "Getting Paid In America" survey conducted by the American Payroll Association (APA) for National Payroll Week. 

Employees have only seen a nominal improvement in savings despite a booming economy and an increase in take home pay for many Americans following the implementation of the Tax Cuts and Jobs Act. The percentage of employees living paycheck to paycheck only fell by 1% from results of the 2017 "Getting Paid In America" survey. 

"With financial stressors at an all-time high and the number of people experiencing financial difficulty continuing to increase year over year, companies are looking for ways to better engage with and help workers regain financial control," said Nigel Andre, Sr., vice president of Money Network® at First Data.

The annual APA survey asked respondents how difficult it would be meet their current financial obligations if their paychecks were delayed for a week. More than 21,300 respondents, 70 percent, said they would find it either somewhat or very difficult to meet their financial obligations if their paychecks were delayed.

The American Payroll Association offers free tools on its National Payroll Week website to help individuals better understand their paychecks and methods they can use to make strategic choices about their pay.

"A few small changes to how employees are paid can potentially increase savings and help stretch their paychecks," said Dan Maddux, executive director of the APA.

The "Getting Paid In America" survey was held in conjunction with the APA's annual public awareness campaign National Payroll Week, held September 3-7. Over 34,000 individuals responded to the survey, providing insight into how employees are paid in America. For complete survey results and paycheck tools employees can use to get more from their wages, visit nationalpayrollweek.com.

The APA is the nation's leader in payroll education, publications, and training. Visit the APA online at americanpayroll.org.

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SOURCE American Payroll Association