A new survey released by American Consumer Credit Counseling (ACCC) shows a correlation between employment status and personal dissatisfaction with respondents’ income.
Over 70% of respondents are employed and only 7% of those employed are actively looking for a different job. Of the unemployed respondents, 55% are not currently looking for work.
Of the respondents, only a slim majority (50%) are salaried, while slightly fewer (48%) are paid by the hour. Sixty-six percent of those respondents who receive a salary are vocationally trained or are trade workers. Of those who are paid hourly, 63% only have a high school degree.
“Many consumers are feeling as though their lack of income is holding them back,” said Steve Trumble, President and CEO of ACCC, in a press release. “Some consumers are taking on a second job to help pay off debt and start saving for a home.”
Only 13% of those polled by ACCC feel that their income is sufficient enough to achieve financial or lifestyle-related goals. The remaining 87% feel that their income is a major factor preventing them from doing things such as paying off debts, building savings, buying a house or car, starting a family, or even just taking a vacation. Of those that are employed, 24% have a second job, freelance on the side, or sell homemade goods in order to make extra money.
Of the employed respondents, 69% are contributing less than 5% of their income to retirement savings. Less than 8% of respondents are contributing the recommended 10% or more to their retirement savings account. While 50% of those contributing more than 5% to their retirement savings are between the ages of 25 and 45.
Twenty-five percent of respondents with a household income greater than $200k have been with their current employer for more than 10 years.
The infographic below highlights key findings from this survey. Click on the image for a larger view.