Almost 2 in 3 workers got a pay increase this year, survey says

WASHINGTON, DC — More people are getting pay raises this year.

But a new survey reveals many of them say they still can’t afford the things they need.

Researchers tell me this survey highlights how much inflation continues to affect so many of us.

Two-thirds of Americans got a raise — or even a better-paying job this year.

But more than half of them say those increases still couldn’t keep up with rising costs.

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The people feeling it the most are older Americans

“They’re getting slower pay raises than other counterparts and different generations, and many of them if they’re getting near retirement could be living off of fixed income,” Sarah Foster, Bankrate analyst said.

These findings are from the company Bankrate which offers financial tools.

Its study shows most workers who got a raise — only saw a five percent increase — or less.

So, what does that really look like in an average household budget?

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Data from the U.S. Census Bureau shows the median salary is roughly $40,000 nationwide.

That means a five percent raise adds an extra $2,000 a year to that paycheck.

There are some things you can do to make your money stretch.

Sarah Foster at Bankrate suggests investing some of your savings.

“The cash that you’re keeping in a high yield savings account isn’t losing ground to inflation, so you’re able to not only just preserve your purchasing power, but feed it and grow it,” Foster said.

Inflation is leveling off, but researchers believe many Americans won’t fully recover from the increases until the end of next year.

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