Deputy, the global people platform for hourly work, has released its annual State of Hourly Work Report, which sheds light on the financial challenges faced by hourly workers. The report surveyed hourly workers worldwide to examine the trends, challenges, and opportunities relating to income, job stability, and satisfaction, poly-employment, and perspectives on AI.
The latest U.S. Bureau of Labor Statistics update highlights slowing job growth and increasing unemployment. Deputy’s findings show significant financial strain as Americans continue to feel the long-term impact of high inflation, high interest rates, and limited purchasing power. For instance, 21% of hourly workers cannot cover their current living expenses, while 41% manage to cover expenses but live paycheck-to-paycheck.
Gender disparities further complicate this picture, with 23% of women and 15% of men unable to meet their financial needs. Meanwhile, 35% of women and 44% of men can cover expenses and have money left over each month. The widening gender gap, which has increased for the first time in 20 years, further exacerbates financial challenges for women.
Income predictability remains a challenge for many workers, especially in industries like retail and hospitality, where scheduling could be more consistent. According to the survey, 53% of workers report their income is “very predictable,” 38% say it is “fairly predictable,” and 9% describe it as “not predictable.”
The report underscores a strong connection between financial stability and overall job satisfaction. Of workers who love their jobs, 72% report having a very predictable income, 46% can cover their living expenses with money left over, and 41% are regularly able to save for the future. In stark contrast, 74% of those who dislike or hate their jobs cannot save for the future, and 39% are unable to cover their current living expenses.
More hourly workers are turning to multiple jobs to make ends meet. The report finds that 27% of U.S. hourly workers hold two or more jobs–a growing trend known as poly-employment. Leading this trend is Gen X, with 33% holding multiple jobs, compared to 20% of Gen Z, 24% of millennials, and 19% of baby boomers.
When it comes to AI, workers widely agree that it will change their jobs, but opinions on its impact are divided. While 72% of American hourly workers agree that AI will change their roles, only 45% feel enthusiastic about its potential. Perhaps surprisingly, enthusiasm is higher among older workers, with 50% of millennials, 49% of Gen X, and 44% of baby boomers expressing optimism. However, Gen Z is more anxious, with 33% worried about AI’s impact, and just 7% expressing enthusiasm.
