More than half of U.S. workers (53%) feel their paychecks are not keeping up with the pace of inflation, according to a new ASA Workforce Monitor® study from ASA and The Harris Poll.
As interest rates and inflation exert increased pressure on consumers’ finances, the survey found that only 47% of U.S. workers do think their paycheck is keeping up with the current rate of inflation.
Nearly four in 10 (38%) U.S. adults said their overall financial situation is more stressful than it was 12 months ago, at a time when the majority of Americans say inflation is causing them to save less for unexpected expenses.
“The data may project a soft landing for the economy, but the bank accounts of America’s workers are telling a different story,” said ASA chief executive officer Richard Wahlquist. “With the price of a pound of ground beef increasing by 29% over just four years and personal savings rates at their lowest levels in 15 years, U.S. workers are understandably stressed about the adequacy of their paychecks and their ability to save for their future. Unless things begin to turn around quickly, workers’ negative attitudes about their finances and the economy will likely be a top issue when voters go to the polls in November.”
