Gen Z’s Finances Negatively Affect Mental Health and Life Goals

90% of Hourly Gen Z Workers Say Access to Earned Wages Would Be Beneficial to Their Financial Situation

The youngest members of the American workforce are feeling the impact of the steady rise in prices for goods and services. New research from Harris Poll, commissioned by DailyPay and Funding our Future, reports that:

90% of Gen Z hourly workers feel inflation has had a negative impact on their finances.

82% of all hourly workers feel inflation has had a negative impact on their finances.

77% of Millennials say they feel inflation has had a negative impact on their finances.

A person wearing a purple shirt and black apron sits at a table, resting their head in their hand, appearing tired.

Illustration of a diverse group of people in various professions, including healthcare, construction, and office work, standing together against a starry background.

The poll also revealed that 90% of Gen Z hourly workers say they would benefit from having access to earned wages after each shift for a variety of reasons including paying bills on time (48%), affording necessities (45%), saving for the future (41%), and staying out of debt (36%).

On a Positive Note, Gen Z Hourly Workers Outpace Other Generations in Financial Optimism

46% of Gen Z hourly workers are doing better financially today than compared to a year ago.

30% of all hourly workers say they are doing better financially today compared to a year ago.

37% of Millennials say they are doing better financially today compared to a year ago.

70% of Gen Z hourly workers believe the economy will either improve or at least stay the same in the next year.

A woman helps four children with their schoolwork at a table, surrounded by open books and stationery.

In general, how are you doing financially now compared to a year ago?

Bar chart showing perceived improvement or decline by total, Gen Z (18-28), and Millennials (29-42). Total: 30% better, 38% same, 32% worse. Gen Z: 43% better, 27% same, 30% worse. Millennials: 37% better, 35% same, 28% worse.

Illustration of hands holding an envelope containing a check for $1,000.

How much of a negative impact has inflation (i.e., rising cost of goods and services) had on your finances in the past year?

Bar chart showing survey results on negative impacts. Total: 82%, Gen Z: 88%, Millennials: 77% reporting negative impacts, segmented by major and minor impacts. Only 18% reported no negative impact.

Which of the following best describes your view on how the U.S. economy will perform over the next 12 months?

Bar chart showing survey results on future confidence: 67% total, 71% Gen Z, and 74% Millennials believe confidence will improve/stay the same. 33% total, 29% Gen Z, and 26% Millennials believe it will decline.

What type of impact has your current financial situation had on each of the following aspects of your life?

A chart comparing survey concern percentages about personal wellbeing and free time among total respondents, Gen Z, and Millennials, with weighted bases of 698, 147, and 284 respectively.

Which of the following factors would most benefit your current financial situation?

How interested would you be in having access to your earned wages after each shift (versus waiting for a predetermined pay period, for example weekly, bi-weekly, etc.)?

In which of the following ways would you benefit from having access to your earned wages after each shift?

Survey Methodology

This survey was conducted online within the United States by The Harris Poll on behalf of DailyPay from August 6-8, 2024 among 665 U.S. adults ages 18 and older who are hourly workers.

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 +/- 4.4 percentage points using a 95% confidence level. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact [email protected].

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