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Over 70% of workers say inflation is outpacing their salary: survey

Minorities reported feeling the largest impact on their financial wellness as inflation hit record highs.

Published: September 28, 2022 9:40am

Updated: September 28, 2022 12:54pm

Seventy-one percent of American workers say the cost of living is outpacing their salary, according to a new Bank of America survey.

The survey was published Tuesday in the commercial bank's annual Workplace Benefits Report, which also found that 48% of respondents are concerned about not being able to make ends meet amid high inflation.

The new findings follow the bank's report in February that showed roughly 58% of respondents were concerned about the cost of living outpacing their wages.

The survey was conducted July 5-July 19 among 478 full-time employees with a 401(k) plan.

Minorities appear to have been hardest by inflation, according to the bank's reports.

Roughly 50% of black employees surveyed in February expressed feeling "financially well," with that number dropping to 32% in the July survey.

Asian workers had the largest decline in perceived financial wellness from earlier this year – 67% to 37%.

Less than half of all white employees (49%) reported feeling financially well in July, compared to 56% in February.

The poll also showed that American workers are concerned about retirement, with 56% of people saying they are confident they will reach their retirement goals, down from 69% who said they were confident in February.

Consumer prices increased by 7.9% when the first survey was taken in February, which at the time was a four-decade high. By July, the inflation rate hit 8.5%.

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