Labor Day is around the corner and Americans are prepared to go all in this year. A recent WalletHub survey indicated what to expect from Labor Day in terms of spending and what the outlook of employees is in this country.
It found that “87% of people think they should get a raise to keep up with inflation.”
“This is unsurprising, given the fact that inflation hit 40-year highs this year and has only started to cool down in recent months,” said Jill Gonzalez, a WalletHub analyst, in a press release.
“The Federal Reserve aims to rein in inflation through a series of rate hikes, but Americans have already experienced a huge hit to their wallets this year, and raises could help compensate for that,” she added.
Additionally, WalletHub discovered that half of the American population believes they’ve worked harder since the pandemic began.
The survey collected responses from 350 people. The data was then normalized “by age, gender and income so the sample would reflect U.S. demographics,” per WalletHub.
Consider the 75% of Americans who left vacation days unused in 2021, or the reality that nearly every 3 out of 5 workers found it difficult to unplug from work.
As unemployment numbers reached new highs, many had to add on extra hours and, sometimes, extra jobs, “to make up for lost ground in their finances,” explained Gonzalez.
“Naturally, Americans who work harder will also appear to be more reliable and more valuable employees, which makes them less likely to be laid off and more likely to receive raises and promotions,” she said.
Labor Day isn’t cheap this year, either. The survey indicated that, for 48%, the biggest concern about holiday travel was the cost. Nearly a quarter of those quizzed said they were worried about traffic, while 12% were troubled about car accidents.
Nearly half of Americans say they aren’t even planning to drive due to high gas prices.