A survey conducted by Bankrate revealed that almost 6 in 10 employees feel that remote work due to the pandemic has positively impacted their finances. According to the report, younger generations, Millennials and Gen Zers, felt working from home benefited their financial situation.
Working remotely implies spending less money and time on commuting, as well as eating at restaurants or spending money on coffee shops. Last year, where the pandemic mobilized thousands of companies to work from home, people started seeing that impact on their financial situation.
The Impact of Remote Work During COVID-19 on the Financial Situation of Americans
The Bankrate survey discovered that almost 6 in 10 Americans feel that working remotely during the pandemic has helped them financially. Younger generations specifically reported financial perks of working from home:
- 60% of Millennials and Gen Zers
- 54% of Gen Xers
- 47% of Baby Boomers
The report surveyed 2,700 adults at the end of May, and while the majority said the situation had benefited them, 10% said it hurt their financial status. Additionally, Bankrate also shared that the credit card debt dropped 17% during the pandemic.
Working from home during the pandemic has been more common for employees with higher incomes. Those who said that they could work remotely at some point reported an annual household income of more than $80,000. In contrast, one-fifth of those who worked remotely had a yearly income of less than $40,000.
According to Bankrate industry analyst Ted Rossman:
For those who are able to do so, working from home could provide an additional tailwind moving forward.
Another key point that affected some remote workers, to some extent, is that they have had to invest in office gear and equipment.