Unstable Income and Poor Health Outcomes

Unstable Income and Poor Health Outcomes

Unstable Income and Poor Health Outcomes

Research has shown that there is a strong association between unstable income and poor health outcomes. When people have an unstable income, they may experience financial stress, which can lead to a range of negative health outcomes, such as anxiety, depression, high blood pressure, heart disease, and other chronic illnesses. They may delay seeking medical care due to financial concerns, which can lead to more serious health problems down the line. Additionally, people with unstable incomes may have limited access to healthy food, safe housing, and other basic necessities, which can contribute to poor health outcomes.

Employer Support for Financial Security

Employers can help support their employees’ financial security by offering fair and competitive wages, providing benefits such as health insurance and retirement plans, and offering financial wellness programs that can help employees manage their finances and reduce financial stress. This can not only benefit the employees’ physical and mental health, but can also lead to higher productivity and job satisfaction.

Unique Challenges of Gig and Tipped Work

It is understandable that workers with an unstable income would be more concerned about making ends meet and preoccupied with thoughts about their personal finances. Financial instability can lead to a lot of stress and anxiety, and it can be difficult to plan for the future when your income is uncertain. These workers may have to constantly worry about how they will pay their bills, afford food and housing, and take care of other basic needs. This can be a significant source of stress and can make it difficult for them to focus on other aspects of their lives, such as work or personal relationships.

It is true that gig and tipped workers often have a lower-than-average income, which can certainly contribute to financial stress and anxiety. However, there are some unique aspects of this type of work that can make their income even more unstable and unpredictable than other low-paying jobs. The unique challenges of the gig and tipped work can exacerbate the harmful effects of an unstable income.

Creating More Stable and Equitable Economic Opportunities

It is important for policymakers and employers to recognize these challenges and work to create more stable and equitable economic opportunities for all workers. Reducing workers’ reliance on volatile forms of pay and offering more substantial base pay can certainly help to create a more stable and predictable income for workers. This can allow workers to better plan for their expenses and financial goals. By offering more substantial base pay and reducing reliance on volatile forms of pay, companies can create a more equitable and sustainable economic environment for their workers.