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Majority of healthcare workers lose sleep over their financial situation

A Harris poll paints a troubling picture about America’s health care workers. The majority of those surveyed said stress over their personal financial situation had a negative impact on their sleep (64%), mental health (59%), self-esteem (56%), physical health (53%) and relationships at home (53 %).

More than half of healthcare workers (52%) feel less confident about their personal financial situation compared to a year ago, and 79% are at least somewhat concerned that economic changes will have a negative effect on their personal financial situation in the next have. six months. The situation is already grim, with 65% saying their household lives paycheck to paycheck and 48% expecting to need a short-term loan in the next six months.

The biggest concerns for the majority of healthcare workers are paying for groceries (58%), rent/mortgage (57%), gas for a car (56%) and utility bills (53%).

The survey found that a majority of healthcare workers (71%) say their employer cares about their mental and physical health and the same proportion say their employer gives them the flexibility they need to manage their personal lives during work hours.

Despite the financial challenges, healthcare workers are interested in even more flexibility. The majority (58%) said they would be willing to reduce their salary for more flexible working hours. Almost three-quarters (73%) say it is important to them that their employer provides tools and resources to help them cope with financial stress.

“With the ongoing health care labor shortages plaguing this country, it is very sobering to see so many of those who remain struggling. With inflation and the holidays coming up, we need to get smart about how we help our health care workers. Hiring bonuses and raises offset by rising costs of living will not lead to building sustainable workforces,” David Coppins, co-founder and CEO of IntelyCare, which sponsored the survey, said in a statement.

Other key findings include:

  • 71% would be more likely to stay in a job if their employer offered an on-demand pay benefit than if they didn’t
  • 64% say that if they were looking for a new job, they would be more attracted to an employer that offered an on-demand pay benefit than an employer that did not
  • 65% say being able to track their earned wages on a daily basis will help ease financial stress
  • 30% would be willing to reduce their salary by 10% or more for more flexible working hours
  • 46% do not feel their employer provides sufficient resources or benefits to help them manage financial stress

According to the report, there are opportunities for healthcare organizations to consider as well. Answering the call for more scheduling flexibility is one, as 30% of healthcare workers would be willing to cut their salaries by 10% or more for more flexible work hours. There is also a need for adequate resources or benefits to help workers cope with financial stress, as 46% of healthcare workers do not believe their employer provides this access.

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