A new survey by Bankrate.com finds that most working Americans say they are falling behind because of inflation – even those who received pay raises in the last year.
More than half (55%) of the respondents said their income has not kept up with the increase in household expenses due to inflation.
Half of those now earning higher pay said the extra income wasn’t enough to come out ahead.
“Inflation that has run at the highest levels in more than four decades has stripped buying power away from households of all walks of life,” said Greg McBride, Bankrate’s chief financial analyst. “Even half of those receiving a pay raise, getting a promotion, or taking on new responsibilities said that higher pay falls short of the increase in household expenses.”
One bit of good news from this survey; When it comes to job security: 61% said they are not worried about losing their job.
