Workers’ everyday finances are being impacted by climate change

Climate change impacts so many facets of life — but many U.S. workers might be surprised to learn that it affects their financial security too. 

Commonwealth, a national nonprofit, surveyed 1,200 workers in the U.S. with household incomes ranging from $30,000 to $80,000. The study found that extreme weather events related to climate change are increasingly affecting workers who earn low to moderate incomes. 

According to the survey, 83% of workers experienced extreme weather events, such as droughts, floods, hurricanes, tornadoes or wildfires within the past year. Of those workers, 49% experienced negative changes in their work as a result of climate change.  

Climate change not only impacts employees in their day-to-day roles but their financial security too. The study found that 54% of U.S. workers earning a low to moderate income experienced financial impacts as a result of extreme weather events over the past year. 

Workers who are Black, Latinx and/or women with dependents are increasingly impacted by climate change and face more challenges to their financial wellbeing as a result. According to the study, 58% of Black workers and 52% of Latinx workers were impacted by climate change, compared to only 46% of white workers. 

So how are workers expected to grapple with these increasingly drastic weather-related events? Many workers are turning to their employers for answers. The survey found that 80% of workers are asking for an expanded employer response such as paid time off and more flexible schedules. 

Related: How employers can champion employees’ wellbeing during natural disasters

Additionally, many workers believe that financial institutions and the government should be expected to support workers who are impacted by extreme weather events as a result of climate change. While 23% of workers think that financial institutions should be providing aid — 73% of workers said they expect the government to chip in.