53% of U.S. workers struggle as paychecks fail to match inflation
VIRGINIA, UNITED STATES — A recent survey by the American Staffing Association (ASA) and The Harris Poll reveals growing financial instability among U.S. workers as earnings fail to match the pace of inflation.
Conducted online from January 5 to 9, 2024, the survey involved 2,094 U.S. adults, including 1,294 employed individuals.
The ASA Workforce Monitor survey shows 53% of American workers feel their pay is not keeping up with rising prices, with 38% reporting increased financial stress compared to last year.
This sentiment reflects growing economic uncertainty amidst rising interest rates and inflationary pressures, with only 47% believing their income matches inflation, while 58% plan on requesting a pay increase this year.
American employers plan to boost salaries by 4% on average, according to professional services firm WTW’s latest compensation survey.
🚨 BREAKING NEWS 🚨 53% of U.S. workers feel their paycheck is not keeping up with inflation, according to the latest ASA/@HarrisPoll. Read the full results here: https://t.co/DKj059YnE4 pic.twitter.com/gr2iSmbwLg
— American Staffing Association (@StaffingTweets) February 26, 2024
“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,” said ASA CEO Richard Wahlquist.
“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.”
Top executives globally rank recession and inflation as their top two external concerns for 2024, yet most say they lack preparedness for navigating these economic threats.
