Less than one-third (29%) of American workers say their wages have kept up with or exceeded inflation in 2023, down slightly from last year.
While 11% are not sure, the other 60% who participated in a new poll from Bankrate.com say they have been left out-of-pocket by the sharp rise in the cost of living, with older, hourly and lower-income workers most likely to have lost out.
The stats show that 73% of boomers and 72% of Gen Xers have seen a cut in their income in real terms as a result of inflation, while this falls to 52% among millennials and 44% for Gen Z.
Around two-thirds of those earning up to $80,000 say their pay has not kept up with rising household expenses, compared to 56% of those earning $80,000 to $100,000 and 55% of those earning more than $100,000.
This is despite two-thirds of respondents having increased their income in the last 12 months, either due to a pay rise (48%), getting a higher-paid job (26%), or both (10%). Just over one-third of this cohort say their wages are keeping up with costs, while 53% say they are not.
Wage rises were generally less than 5% (52% said so), with some receiving less than 3% (28%) while 38% received more than 5%, including around one in ten who were given an extra 10% or more. Around one-third of increases were due to the cost of living, second to performance-related increases.
“The job market has lost some of its steam since the Federal Reserve began raising interest rates to quell inflation, but not much,” said Bankrate analyst Sarah Foster. “The share of workers who got a raise in the past year is matching last year’s historic levels, and more Americans are getting raises today than they were before the pandemic. Even so, inflation remains painfully high for many households, eroding those gains. High inflation feels a bit like taking a pay cut in itself, and it might be one reason why Americans suggest the economy isn’t as strong as it looks on paper.”
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