Two-thirds (66 percent) of quick-service and fast-casual restaurant industry employees are at least somewhat stressed about their finances, according to a new independent study conducted by YouGov, commissioned by DailyPay. Financial fears have highlighted the need for action from industry leaders.
The research, which surveyed quick service restaurant (QSR) and fast-casual restaurant employees, indicates that the majority believe financial fears and stress has had at least somewhat of a negative impact on their emotional well-being (72 percent), mental health (70 percent), physical health (64 percent), job satisfaction (58 percent), job performance (39 percent) and attendance (34 percent).
Adding to financial fears and stress, having cash on hand is an issue for most. Seventy-two percent of industry employees said they were at least occasionally short on cash, with over one-third (35 percent) frequently or very frequently short on cash.
However, in a sign of optimism, nearly half (45 percent) of those surveyed felt better financially compared to a year ago. With hopes of their economic situation improving, only 14 percent expect to be in a financially worse situation a year from now.
The employer-sponsored financial wellness benefit of earned wage access has been helpful with personal financial challenges, according to the survey. Over seven in 10 (72 percent) said the concept of earned wage access was somewhat or very appealing, with 56 percent adding that getting paid more frequently at work than they currently do would be “very” or “extremely” beneficial to them.
The survey of QSR and fast-casual restaurant employees also noted that about half (49 percent) would be very or somewhat likely to consider leaving their current employer for another employer that offers earned wage access, with 42 percent considering on-demand pay as extremely or very important when looking for a new job.
“Earned Wage Access has proven to be an important component of the financial wellness package for leading QSR employers, helping to drive new applicants and provide a competitive edge in recruiting,” said Ed Zaval, Chief Customer Officer, DailyPay.
“This new research confirms that during these challenging economic times, EWA can be beneficial in helping employees make ends meet.”
To read more latest news from the QSR sector, click here.
