ATLANTA — A new Bankrate survey finds most Americans feel their paychecks are falling short as they struggle to keep up with the rising cost of living.
According to the report, 62% of workers say their income has not kept pace with inflation or household expenses over the past year. Bankrate’s Sarah Foster says the data reflects growing concern about how far workers’ money can stretch.
“Even though inflation is slowing and it’s not as hot as it was a few years ago, many workers still just don’t feel like they’re getting ahead,” Foster said.
The survey also found that less than three in five workers received a raise last year, the lowest share since Bankrate began tracking the data in 2022. Those who did see pay increases got smaller raises than in previous years.
Foster said higher-income workers were more likely to say their pay kept up with inflation. “Thirty-four percent of those who make $100,000 or more a year said their pay did keep pace, versus just about one in four of those who make less than $50,000,” she explained.
Concerns about future earnings are also on the rise. The survey shows that two in five workers aren’t confident they’ll get a better-paying job or a raise within the next year, up from 36% last year.
WSB Radio’s Sabrina Cupit contributed to this story.
