Healthcare Workers Are Plagued By Financial Stress Amid Labor Shortages, Study Shows

Healthcare workers are growing concerned about their ability to afford necessities amid labor shortages, a new poll shows.

It’s no secret that healthcare professionals’ work-life balance has suffered in recent years amid the pandemic, but new findings from a Harris Poll conducted late last year reveal 68% of healthcare workers are worried about their financial situations and over half (52%) are feeling less than confident about their finances at the start of 2023 than they were a year ago.

The poll, commissioned by IntelyCare and DailyPay, surveyed 2,068 adults ages 18 and up, among whom 1,053 are employed full-time or part-time. 200 of those surveyed work in healthcare.

Specifically, healthcare workers say their financial situation has negatively impacted several areas of their lives, including sleep (64%), mental health (59%), self-esteem (56%), physical health (53%) and relationships at home (53%).

A majority say they are also worried about their financial state worsening in the months to come. Nearly 80% say they are somewhat worried about changes in the economy such as inflation and a recession impacting their finances in the next six months, while 48% expect to take out short-term loans by the spring.

65% of healthcare workers say they live paycheck-to-paycheck, according to the poll, and a majority are more stressed about having funds to cover necessities such as groceries/food (58%), rent/mortgage (57%), automobile gas (56%), and utility bills (53%).

Just this week, more than 7,000 nurses from two major hospitals in New York City went on strike, demanding higher pay and the hiring of additional nurses to curb crowded conditions, which they argued have put themselves and their patients’ wellbeing at risk. The strike ended Thursday, with nurses from Manhattan’s Mount Sinai Hospital and Montefiore Medical Center in the Bronx reaching deals with their employers, reports say.

“With the ongoing healthcare labor shortages plaguing this country, it’s very disheartening to see that so many of those who remain are struggling,” David Coppins, co-founder and CEO of nursing agency IntelyCare, said. “Hiring bonuses and raises that are offset by rising living costs will not translate to building sustainable workforces.”

Coppins said IntelyCare has spent the last few years gathering feedback from its network of 50,000 nurses and aides.

“We’ve had tremendous success in terms of hiring and retention in large part due to offering differentiated financial benefits and working with partners like DailyPay,” the CEO added.

The research also identified healthcare workers’ interest in on-demand pay, also known as earned wage access. Nearly three-quarters (71%) say they would be more likely to stay in a job if their employer offered this benefit.

Companies like DailyPay say on-demand pay increases motivation and happiness at work in addition to helping employees take control of their finances. The findings reflect this, as 64% say they’d be more attracted to a new job offer with an employer that offered this benefit as opposed to one that didn’t.

“Healthcare professionals have given so much of themselves to support their communities, especially over the last few years with the global pandemic,” said Kevin Coop, DailyPay’s CEO.

“We are proud to partner with healthcare companies nationwide who are doing all they can to support their selfless team members with impactful benefits to help mitigate the negative effects of inflation.”

For more information, check out https://www.dailypay.com/intelycare-harris-poll