{"id":1660190,"date":"2022-09-27T11:05:04","date_gmt":"2022-09-27T15:05:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1660190"},"modified":"2022-09-27T11:06:46","modified_gmt":"2022-09-27T15:06:46","slug":"almost-three-quarters-of-workers-say-inflation-is-outpacing-their-pay","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/almost-three-quarters-of-workers-say-inflation-is-outpacing-their-pay\/","title":{"rendered":"Almost Three-Quarters Of Workers Say Inflation Is Outpacing Their Pay"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Falmost-three-quarters-of-workers-say-inflation-is-outpacing-their-pay%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1660190&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Nearly three-fourths of American workers say that the cost of living is outpacing wages, according to a new report.<\/p>\n<p>Bank of America\u2019s 12th annual Workplace Benefits Report, \u201c<a href=\"https:\/\/www.prnewswire.com\/news-releases\/bank-of-america-study-finds-84-of-employers-now-say-offering-financial-wellness-tools-helps-increase-employee-retention-301634130.html\" target=\"_blank\" rel=\"noopener\">Navigating a New Era of Financial Wellness<\/a>,\u201d noted that more American workers are feeling pressure to their \u201cfinancial wellness\u201d because of soaring inflation.<\/p>\n<p>According to a <a href=\"https:\/\/www.prnewswire.com\/news-releases\/bank-of-america-study-finds-84-of-employers-now-say-offering-financial-wellness-tools-helps-increase-employee-retention-301634130.html\" target=\"_blank\" rel=\"noopener\">news release<\/a> announcing the results, \u201c71% feel the cost of living is outpacing growth in their salary or wages. This is having an impact on employees\u2019 overall feeling of financial wellness.\u201d<\/p>\n<p>The percentage was up from 58% in February.\u00a0In addition, 80% of workers are concerned about inflation, regardless of age, gender, race, or income.<\/p>\n<p>Almost two-thirds of workers, 62%, are stressed about their finances despite being employed.<\/p>\n<p>\u201cEmployees are feeling stressed by current economic conditions and they are looking for help from their employers across a range of financial and other wellness topics,\u201d Lorna Sabbia, head of retirement and personal wealth solutions at Bank of America, <a href=\"https:\/\/business.bofa.com\/en-us\/content\/workplace-benefits\/workplace-benefits-report-overview.html\" target=\"_blank\" rel=\"noopener\">said<\/a> regarding the report.<\/p>\n<p>The study showed that a majority of American workers see inflation as a major concern, despite recent drops in gas prices and a strong job market. In addition, though housing costs have started to slow in recent months, prices in other areas, such as food, utilities, and retail items, continue to soar.<\/p>\n<p>Home energy bills could become a major source of concern as the nation nears the winter months. In a different Bank of America <a href=\"https:\/\/business.bofa.com\/content\/dam\/flagship\/bank-of-america-institute\/economic-insights\/consumer-morsel-high-energy-impact-september-2022.pdf\" target=\"_blank\" rel=\"noopener\">study<\/a>\u00a0released last week, U.S. utility bills have increased 16.3% year over year.<\/p>\n<p>The higher costs are expected to hit lower-income Americans the most. With electricity prices up 33% year over year, simply keeping the lights on is becoming a struggle for a growing number of households.<\/p>\n<p>Recent updates regarding inflation also appear to support the growing concerns. U.S. price levels between August 2021 and August 2022 rose 8.3%, according to <a href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\">data<\/a>\u00a0from the Bureau of Labor Statistics.<\/p>\n<p>A <a href=\"https:\/\/www.bankrate.com\/personal-finance\/pay-raise-survey-september-2022\/\">poll<\/a> from Bankrate that found 48% of American workers enjoyed a pay raise in the past year, while 21% found a higher-paying job, including 8% who received both, as The Daily Wire previously <a href=\"https:\/\/www.dailywire.com\/news\/americans-are-getting-raises-that-fail-to-keep-up-with-record-inflation\" target=\"_blank\" rel=\"noopener\">reported<\/a>. However, 39% of workers received neither \u2014 the lowest level in any prior version of the survey.<\/p>\n<p>However, just 39% of respondents who received a raise or a better-paying job reported that the income was enough to keep pace with prices. One-third of workers agreed that their income has either exceeded or kept pace with inflation over the past year.<\/p>\n<p>\u201cIt will take more time and resolve to bring inflation down, which is why we passed the Inflation Reduction Act to lower the cost of healthcare, prescription drugs and energy,\u201d President Joe Biden said in a <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/09\/13\/statement-of-president-joe-biden-on-consumer-price-index-in-september\/\">statement<\/a> on the Inflation Reduction Act. \u201cAnd my economic plan is showing that, as we bring prices down, we are creating good paying jobs and bringing manufacturing back to America.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nearly three-fourths of American workers say that the cost of living is outpacing wages, according to a new report. Bank of America\u2019s 12th annual Workplace Benefits Report, \u201cNavigating a New Era of Financial Wellness,\u201d noted that more American workers are feeling pressure to their \u201cfinancial wellness\u201d because of soaring inflation. According to a news release &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1660194,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1660190","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1660190","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1660190"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1660190\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1660194"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1660190"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1660190"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1660190"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}