53% of U.S. Workers Feel Their Paycheck Is Not Keeping Up With Inflation

38% Say Their Overall Financial Situation Is More Stressful Than One Year Ago

ALEXANDRIA, Va., Feb. 26, 2024 /PRNewswire/ -- More than half of U.S. workers (53%) feel their paychecks are not keeping up with the pace of inflation, according to a new ASA Workforce Monitor^® study from the American Staffing Association and The Harris Poll.  

As interest rates and inflation exert increased pressure on consumers' finances, the survey found that only 47% of U.S. workers do think their paycheck is keeping up with the current rate of inflation.

Nearly four in 10 (38%) of U.S. adults said their overall financial situation is more stressful than it was 12 months ago, at a time when the majority of Americans say inflation is causing them to save less for unexpected expenses.

"The data may project a soft landing for the economy, but the bank accounts of America's workers –are telling a different story," said Richard Wahlquist, chief executive officer at the American Staffing Association. "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. 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."

Method

This survey was conducted online within the United States by The Harris Poll on behalf of ASA from January 5–9, 2024 among 2,094 adults ages 18 and older, of whom 1,294 were employed. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.5 percentage points using a 95% confidence level. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact Megan Sweeney at 703-253-1151.

About the American Staffing Association
The American Staffing Association is the voice of the U.S. staffing, recruiting, and workforce solutions industry. ASA and its state affiliates advance the interests of the industry across all sectors through advocacy, research, education, and the promotion of high standards of legal, ethical, and professional practices. For more information about ASA, visit americanstaffing.net.

About the ASA Workforce Monitor

The ASA Workforce Monitor^® is a periodic survey commissioned by ASA and conducted online by The Harris Poll among 2,000 or more U.S. adults age 18 and older. The survey series focuses on current workforce trends and issues. For more information about the survey series, visit americanstaffing.net/workforcemonitor.

About The Harris Poll

The Harris Poll is one of the longest-running surveys in the U.S., tracking public opinion, motivations and social sentiment since 1963. It is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. They work with clients in three primary areas: building 21st century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Their mission is to provide insights and advisory to help leaders make the best decisions possible. Learn more by visiting theharrispoll.com and follow The Harris Poll on Twitter and LinkedIn.

Contact
Megan Sweeney
American Staffing Association
703-253-1151
[email protected]

SOURCE American Staffing Association