Inflation

After reaching a peak in June 2022 at 9.1%, inflation has cooled somewhat in the first few months of 2023, now sitting at 6.0% according to the latest CPI data. These high rates of inflation, which remain far above rates from 2020 and prior, are affecting the vast majority of American workers: 80% of employees saying that the rising cost of consumer goods over the past year has impacted them.

Healthcare costs

Although 93% of our survey respondents have health insurance coverage through their employer, 41% of them are concerned about healthcare costs, and for good reason: since 2017, the average amount a family spends on their insurance premiums has increased by 20%. As a result, 24% of employees are skipping preventative medical appointments due to concerns over cost. This rises to 30% of Millennials (those aged 27-42).

Additionally, 21% of all employees have unpaid medical bills, going up to 27% of Millennials. 66% say that their medical debt causes them worry or stress.