71% of workers say their pay isn’t keeping up with inflation.
Nearly three in four employees say the cost of living is outpacing their salary and wages, according to a Bank of America-sponsored survey shared first with CNN on Tuesday. That’s up from 58% in February. The survey – which was taken in July and polled people who participate in 401 plans – reported that half of the employees said they have taken action to cope with financial strain in the past six months.
Financial wellness hits five-year low The percentage of employees who feel financially well off dropped to 44% in the Bank of America survey. That’s the lowest level in five years and significantly below February’s level of 57%. The deterioration was more pronounced among minorities. Just 32% of Black employees said they feel financially well, down from 50% in February. One in three Hispanic employees indicated they feel financially well, down from 47% in February.