Forty percent of U.S. workers say their current debt is influencing their career decisions, according to the latest Workforce Monitor® survey commissioned by the American Staffing Association and conducted online by The Harris Poll in August 2024.
When asked if their current debt (including mortgage, credit card, student loan, and medical debt) was influencing their career decisions, 73% of U.S. workers said they have debt and of those four of 10—including 50% of Gen Z (ages 18–27), 54% of Millennials (ages 28–43), and 42% of Gen X (ages 44–59)—said it is influencing their career decisions.
The news comes as the Federal Reserve Bank of New York reports rising mortgage, home equity lines of credit, credit card, and auto loan balances in the second quarter of 2024. Credit card delinquencies alone rose by the highest rate in a decade.
“Debt is playing a major role in shaping the lives and career paths of America’s workers,” said Richard Wahlquist, chief executive officer at the American Staffing Association. “Increased levels of personal debt results in unhealthy levels of stress, damaged credit scores, limited mobility in the job market, reduced quality of life, and reduced prospects for the future for a growing number of individuals and their families.”
In addition, 28% of U.S. workers are worried about being laid off before the end of the year; 37% of Gen Z and 35% of Gen X and Millennial workers expressed concern over their job security for the remainder of the year, compared to only 11% of Baby Boomer workers.
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