By | Lorie Konish | www.cnbc.com
- A new survey from Bankrate.com finds 55% of workers say their incomes have not kept up with rising household expenses amid persistent high inflation.
- Because cost-of-living raises tend to be an exception, the best way to negotiate more pay tends to be through a new job or promotion or a performance-based increase.
- These tips can help you negotiate better pay in the current market.
If you feel like your income hasn’t kept up with rising prices, you’re not alone.
More than half, 55%, of respondents in a new survey from Bankrate.com say their incomes have not kept up with rising household expenses amid persistent high inflation. Only 33% of respondents said their incomes have either kept up with or exceeded higher household expenses.
The online survey was conducted between Aug. 17 and 19 and was of 2,458 adults.
New government inflation data released Tuesday showed inflation in August was higher than expected, as the consumer price index increased 0.1% for the month, and 8.3% over the past 12 months.
Bankrate’s survey found 40% of employed respondents have received raises in the past 12 months. Meanwhile, 13% got a better-paying job. A lucky 8% got both a pay raise and a better-paying job.