I hope your July 4th holiday was enjoyable and relaxing, but now it’s time to get back to work. In fact, July 5th was National Workaholics Day, a cruel twist of scheduling one day after our fun, fireworks-filled day off.
This backhanded tribute to workaholics got me thinking: are we a nation of overworked employees? And if so, why?
So, today I’m going to present 10 stats about the state of the American worker – and why you should save and invest wisely now so you won’t have to work until the day you die!
1. According to the Bureau of Labor Statistics, the average U.S. employee now hustles at least 44 hours per week – or just shy of 9 hours per day during the week. But that number may be painfully low, as a Gallup poll reveals that people actually work an average o 47 hours per week (9.4 hours per day) and more people than ever have second jobs and side hustles.
2. Surveys reveal that 85.8 percent of men and 66.5 percent of women work more than 40 hours per week at their jobs, with a significant percentage working more than 50 hours per week.
3. Americans out-pace even the most overworked of nations when it comes to average hours on the job. For instance, we work a whole 137 hours more every year than Japanese corporate drones, 260 hours more than the average UK worker, and a whole 499 hours more than the relaxed French!
4. At least 134 countries have laws on the books that cap the total number of hours employees can work per week. The United States, however, does not.
5. We’re also the ONLY industrialized nation that doesn’t have legally mandated paid maternal or paternal leave. (In Europe, the average new mother gets 12 weeks paid leave, and many countries offer paid paternal leave, too.)
6. Likewise, the United States is the only nation that has no annual leave that’s legally mandated (vacation days). In many countries, they get 30 days minimum off from work – fully paid!
7. Although it may feel that we’ve been overworked forever, it wasn’t always this way. It used to be that only one parent in each household worked, while two jobs (or more) per household is now a necessity for most people.
8. More seniors are working in the U.S., too. Thanks to decreases in savings, limited pensions, lack of retirement savings, two recent Recessions that wiped us out, and increases in costs of living, the “new normal” is that many seniors have to work well past 65 instead of enjoying their retirement years.
9. Today, almost 10 million Americans 65 and over go to work every day, when that number was only 4 million in 2000. That’s nearly 1 in 5 of all seniors!
10. We’re also living longer, living more expensive lives, and medical costs have skyrocketed, stretching our meager retirement funds painfully thin. In fact, Social Security benefits have lost approximately one-third of their purchasing power since the year 2000!
It’s easy to see that we’re a nation of workaholics by necessity, not by choice!
But you don’t have to work until the day you die, like so many will! Let’s talk about your retirement and financial plan today and by making some small adjustments and smart moves, you can shed the workaholic label one day soon!