Again, this is the economy Biden just threw a party for...
New YorkCNN Business —
There is growing evidence that Americans are struggling to keep up with crushing inflation.
Nearly three in four (71%) employees say the cost of living is outpacing their salary and wages, according to a Bank of America-sponsored survey shared first with CNN on Tuesday. That’s up from 58% in February.
The survey – which was taken in July and polled people who participate in 401(k) plans – reported that half of the employees said they have taken action to cope with financial strain in the past six months.
Among those taking action, 21% say they are tapping emergency savings to pay the bills, 21% are working extra hours, 20% are looking for a higher-paying job and 6% are resorting to a 401(k) hardship withdrawal, the survey found.
The Bank of America survey found that despite being employed, 62% of workers are stressed about their finances.