The current economic climate is leading more workers to look for higher-paying jobs elsewhere, according to a recent report.
Overall, 26% of employees say it is likely they will change jobs in the next 12 months, up from 19% last year, finds PwC.
Those who are most likely to change employers include those who feel overworked (44%) and those who struggle to pay the bills every month (38%).
Nearly half (47%) of American and Canadian respondents to a previous survey are watching for or actively seeking a new job, and 71% think this is a good time to find new employment.
Workers’ financial struggles
The financial aspects of life has been tough on workers, according to PwC’s Global Workforce Hopes and Fears Survey 2023, which heard from nearly 54,000 workers in 46 countries and territories.
Fewer workers in 2023 (38%) than in 2022 (47%) say that their household is able to pay all bills every month and has enough left for savings, holidays and extras.
More workers this year (42% in 2023 compared to 37% in 2022) say that their household has nothing left for savings.
More workers also say that their household struggles to pay bills (14% this year compared to 10% last year) and that their household cannot pay bills most of the time (4% this year compared to 2% last year).
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One in five workers (21%) now work multiple jobs, with 69% doing so because they need additional income.
The economic squeeze is also driving up pay demands, with the proportion of workers planning to ask for a pay increase jumping from 35% to 42% year on year. Among workers who are struggling financially, that number rises to nearly half (46%).
In 2022, the average overall financial wellness score for Americansstood at 5.04, down from 5.12 in 2021, according to Financial Finesse.