Story at a glance
- The FinanceBuzz survey was carried out late last year.
- Although the majority of respondents reported they’re fairly compensated for their work, most also feel their salary is not sufficient to meet rising costs.
- The findings come as economists increasingly anticipate a recession in the coming year and Americans report worry about their short-term financial outlook.
Just 37 percent of U.S. workers feel their salary has kept up with soaring inflation, according to a recent survey, while 41 percent believe they’re currently being underpaid.
Inflation spikes throughout 2022 prompted some workers to call for inflation-adjusted salaries, though few companies took heed.
The Federal Reserve did slow its interest rate hikes last month thanks to some signs of easing inflation, and many economists anticipate a 2023 recession.
A FinanceBuzz poll, completed by 1,250 people in November, shows 48 percent of Millennials reporting they feel underpaid, as do 40 percent of both Gen Z and Gen X and 42 percent of Baby Boomers.
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Despite 52 percent of respondents overall saying they’re fairly paid, 63 percent say their salaries have not kept up with inflation.
The survey did not list a margin of error.
This past year, out-of-pocket health care spending rose at the highest rate since 1985, while the cost of food was driven up by a combination of factors including supply chain issues.
The majority of Americans also don’t anticipate their financial situations will improve in the near future. A recent Bankrate survey found 66 percent of respondents had a negative outlook on their finances, with the majority blaming inflation.
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