Survey of 65,000 working people, 74% said current income is not enough to cover expenses

According to Anphabe's survey of about 700 businesses in Vietnam, finance is the top concern and also the spending worry of employees, directly threatening job stability.

74% of 65,000 surveyed workers said their current income is not enough to cover essential needs - Photo: Anphabe

Only 1 in 3 employees are financially healthy today. While 74% say their current income is not enough to cover their expenses.

No amount is enough to cover expenses.

The report is based on a survey conducted from April to September 2024, related to the "Vietnam Best Workplaces" 2024 survey program, with the participation of more than 65,000 employees from about 700 businesses in 18 industry groups nationwide.

Of the 65,000 employees surveyed by Anphabe, 74% said their current income was not enough to cover basic needs. 65% felt they were not paid fairly and were unsure about their future income.

Financial pressure is also the biggest challenge for this group of employees, significantly affecting their work mentality.

The causes of financial pressure are pointed out from objective factors such as lower salaries, bonuses and benefits, young people have less savings but large financial burdens (house, family...).

In particular, rising prices affect the cost of living as well as psychological instability from layoffs lasting from 2023.

Anphabe's report points out the unhealthy habits of young working people with an indulgent lifestyle: live for today, debts here to stay.

For example, impulsive shopping habits, "revenge" shopping, regularly spending more on items they previously considered luxuries as a way to relieve stress.

In addition, a worrying reality is that the group of employees with low financial health tends to change jobs 4 times more than the group of employees with good finances.

This reality has forced many businesses to start training their employees in skills and management capacity, including financial management, savings, investment, debt management, and retirement planning.

The notable reason is that despite the increasing difficulties and pressures, instead of spending wisely, many working people, especially young people, still pursue a lifestyle that glorifies consumerism. This leads to spending beyond their means and getting stuck deeper in financial burdens.

According to Anphabe, 65% of employees have more than one source of income besides salary. Of which, 15% comes from passive income (savings or family allowance), 50% comes from active sources (part-time work or self-employment).

Besides, companies and businesses still implement traditional welfare policies to help improve employees' lives and motivate them to stay and contribute long-term.

These include enhancing health insurance packages, disease screening, life insurance, emergency financial support funds or pension funds.

Employee family care policies such as extending insurance to the whole family, providing scholarships for children, financial support with preferential loans such as buying houses and cars. Providing flexible benefits such as discount vouchers for company products/services, gym support, entertainment expenses, and increasing vacation days to balance life.

To overcome financial pressure, many employees are forced to seek additional sources of income - Photo: Anphabe

59% of workers received a salary increase

In addition, Anphabe conducted in-depth interviews with 253 CEOs and HR directors in this survey program.

The survey recorded many positive signals from the market with 42% of businesses returning to the growth trajectory of 3-10%, 15% of businesses achieving double-digit super growth. This reflects the positive outlook of the market.

After a period of mass layoffs in 2023, the situation in 2024 has changed more positively. 33% of businesses have plans to expand their staff, a sharp increase compared to 19% last year.

Only 9% of businesses expect to reduce their workforce, down significantly from 14% at the end of 2023.

"With the economic recovery, businesses not only stabilize their operations but also improve their welfare policies, especially salaries and bonuses. If in 2023 only about 50% of workers received a salary increase, in 2024, this figure reached 59%," the report said.

Source: https://tuoitre.vn/khao-sat-65-000-nguoi-di-lam-74-noi-thu-nhap-hien-tai-khong-du-chi-tieu-20241204175720065.htm