Majority of American workers say cost of living outpaces salaries: report

On Tuesday, Bank of America released their 12th annual Workplace Benefits Report, titled, "Navigating a New Era of Financial Wellness." They explored the current economic situation Americans face, and what employers can do to help ease the pain.

The report from Bank of America study found that a majority of workers were unhappy with their current economic standing, with nearly three quarters saying they feel the cost of living is "outpacing" their pay. Just over 80 percent said that employers had a role to play in ensuring workers are given the support needed to succeed financially.



According to Bank of America’s findings, 62 percent of American workers reported being "stressed about their finances," with 80 percent saying they were "concerned" about inflation.

The percentage of those who reported feeling "financially well" declined to a five-year low in July after bouncing back from pre-pandemic levels in February of 2022.

Minorities and women were more likely to admit that their financial wellness had declined, with Asians reporting the starkest drop.

While most American workers said they felt pessimistic in the short term, when asked about their medium to long term future, over half said they felt optimistic that they’d be feeling well, financially.

The report also surveyed employers, asking where they saw themselves in employees’ journey to financial wellbeing.

Nearly 100 percent of respondents said that they, as employers, “are in some way responsible for their employee’s financial wellness,” while 84 percent said that it was their responsibility to help employees understand retirement and healthcare costs.

As the Daily Wire reports, just under half of American workers received a pay raise in the last year, while 21 percent found a higher paying job. Of them, however, only 39 percent stated that the rise in pay was enough to keep up with the skyrocketing cost of living.