Some American workers say the chance to earn more money takes a backseat to family time, a new report says.
Although seven out of ten workers indicated that they’d be happier if they earned more money, few are willing to make trade-offs between their families and their finances. In fact, the promise of a 50 percent pay increase wouldn’t be enough for most Americans to spend less time with their children and families, according to Keep Good Going, a New York Life survey released today.
The country's protracted economic slowdown has produced financial stress, said respondents, with 90 percent indicating that their life would be easier if they didn’t have to worry about bills; were able to be financially self-sufficient in retirement; and could protect their family financially against life’s uncertainties.
Yet most workers still stand fast when offered a tradeoff of personal time for more money.
“Despite the impact of a tough economic environment and people's conviction that life would be easier with more money, a 50 percent pay raise still didn’t move the needle when it came to cutting down on time spent with family – children and spouses,” Liz McCarthy, senior vice president and head of corporate communications for New York Life, said in a statement. “This is very telling about what Americans value.”
The survey also asked respondants to rate their own performance in four key areas: family, personal life, work and community. Perhaps because of their unwillingness to trade time with family, respondents indicated they were doing better in terms of having a loving relationship with their children than in other areas of family life--the equivalent of a “B+”.
“This is a strong foundation that Americans can build on as they seek greater happiness, no matter what external factors--like the economy--are at play,” Christine Carter, an independent consultant for New York Life, said in a statement.
The online survey was conducted by Mathew Greenwald & Associates, Inc., which in August polled 2,069 individuals age 21 or older.