A majority of American workers no longer believe that increased effort at work leads to meaningful financial progress. That’s according to “The Cost of Staying Afloat,” a survey of 1,000 U.S. workers, that found that 62% say working harder over the past three years has produced little to no financial improvement, even as workers increasingly rely on side hustles, overtime, debt, and delayed life decisions to keep up with rising costs. The report was commissioned by MyPerfectResume, a premium resume-building service.
While most workers say their income usually covers their monthly expenses, many report struggling to build savings or make meaningful financial progress. Only 32% say they are actively getting ahead financially, while nearly half describe themselves as financially stagnant or falling behind. The survey also found women were consistently more likely to report financial instability, worsening affordability, and limited financial progress across multiple measures.
Key Findings
- 62% say working harder has not led to meaningful financial progress
- 59% are not building meaningful savings
- 72% rely on financial coping behaviors to manage rising costs
- 68% have delayed major life decisions due to financial pressure
- 80% face at least one affordability challenge
“For many workers, employment no longer guarantees financial progress,” said Dr. Jasmine Escalera. “People are working harder, taking on side hustles, and delaying major life decisions, yet many still feel financially stuck. The disconnect between effort and financial mobility is becoming increasingly difficult for workers to ignore.”
Workers Are Staying Afloat, But Not Getting Ahead
Nearly 6 in 10 workers (59%) say they are not meaningfully saving money, despite 73% reporting that their income usually covers their monthly cost of living.
- 4% rely on debt or outside help to get by
- 17% struggle to cover monthly expenses
- 38% can cover expenses, but save little or nothing
- 41% can comfortably cover expenses and save
Compared to two years ago, workers remain divided on affordability conditions.
- 37% say affordability has worsened
- 27% say affordability has stayed the same
- 36% say affordability has improved
Workers most commonly cite the following affordability pressures:
- 39% groceries
- 38% saving for emergencies
- 30% saving for retirement
- 24% healthcare
- 24% rent or mortgage
- 22% utilities
Gender breakdown:
- Women represented 70% of respondents relying on debt or outside help to get by and were more likely to report limited savings, difficulty covering expenses, and worsening affordability.
- Men were more likely to report financial comfort: 58% of workers could comfortably cover expenses and save, and 68% said affordability had improved over the past two years.
Hard Work Is No Longer Guaranteed Financial Progress
Nearly two-thirds of workers (62%) say increased effort at work has produced little to no meaningful financial progress over the past three years.
- 20% say working harder did not improve their finances
- 7% say working harder provided little financial improvement
- 35% say increased effort made no real financial difference
- 24% say increased effort somewhat improved their finances
- 14% say increased effort significantly improved their finances
Gender breakdown:
- Women accounted for 54% of respondents who reported no real financial change despite increased effort.
- Women accounted for 70% of workers who said increased effort did not improve their finances at all.
- Men represented 68% of respondents who said increased effort significantly improved their financial situation.
Workers Increasingly Feel Underpaid for Their Experience
Four in 10 workers (40%) say their income does not reflect their education, skills, and experience, highlighting growing frustration around compensation and career value.
- 18% strongly disagree that their pay reflects their qualifications
- 22% somewhat disagree
- 36% somewhat agree
- 24% strongly agree that their compensation matches their experience and skills
Gender breakdown:
- Women represented 54% of respondents who somewhat disagreed that their income reflects their qualifications.
- Women accounted for 62% of workers who strongly disagreed that their pay reflects their education, skills, and experience.
- Men represented 60% of respondents who strongly agreed that their income reflects their qualifications.
Side Hustles, Overtime, and Debt Are Becoming Financial Survival Tools
Nearly three-quarters of workers (72%) report taking at least one financial coping action to keep up with rising costs, while 57% are increasing income through overtime or side hustles, and 49% rely on debt, borrowing, or delayed bills to manage expenses.
- 28% report taking no financial coping actions
- 29% used credit cards for basic expenses
- 29% took on a second job or side hustle
- 28% worked overtime or extra hours
- 21% delayed paying bills
- 20% borrowed money from others
- 20% sold possessions to keep up financially
Gender breakdown:
- Men represented 63% of respondents working overtime or extra hours to keep up financially.
- Men accounted for 57% of workers taking on a second job or side hustle.
- Women represented 61% of respondents who reported taking none of the listed financial coping actions.
Financial Pressure Is Delaying Major Life Decisions
Financial strain is increasingly shaping workers’ long-term planning and well-being, with 68% delaying at least one major life decision because of financial pressure.
- 32% report no major financial delays
- 32% delayed taking time off or vacations
- 29% delayed retirement savings
- 21% delayed moving or upgrading housing
- 19% delayed buying a home
- 17% delayed medical care
- 13% delayed leaving a job
- 12% delayed changing careers
Gender breakdown:
- Women represented 53% of respondents who delayed vacations or time off due to financial pressure.
- Men accounted for 66% of respondents who delayed purchasing a home.
- Men accounted for 66% of workers delaying career changes due to financial pressure.
- Men accounted for 62% of respondents who delayed education or training opportunities.
To view the full report and obtain more information, please visit https://www.myperfectresume.com/career-center/careers/basics/cost-of-staying-afloat.
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