52% didn’t see a salary increase over the past year, a new survey says
Raise your hand if you deserve a bigger paycheck.
A majority of Americans — 52% — didn’t see a salary increase over the past year, a newly released Bankrate.com survey says. Older folks especially couldn’t catch a break: 64% of people aged 53 and up failed to get a bump through either wage increase or job change. Meanwhile, 47% of younger people didn’t see a salary increase.
Wages only rose 2.4% over the last 12 months, according to the Department of Labor’s most recent jobs report. The personal finance site’s survey, conducted in early November with more than 1,000 interviewees, showed 38% of employees got a raise at their present job, while 18% moved on up to a higher-paying gig. A lucky 8% experienced both.
“While the economy continues to improve, it’s disappointing that Americans’ wages have not,” Bankrate chief financial analyst Greg McBride said in a statement. “Though younger workers are experiencing career advancement, older Americans are hampered by stagnant incomes. This makes it even more vital to start saving early, since significant wage gains become less frequent as you get older.”
Twenty-four percent of raise-getters received the increase from promotions and new work responsibilities, compared to 10% last year. Millennials led the pack: 36% of workers aged 18 to 36 received salary increases that way, while only 20% of employees aged 37 to 52 did.
As for the “why,” 27% of respondents had cost-of-living increases, compared to 30% in 2016. Thirty-seven percent of raises were performance-based, a 15-point drop from last year.
For professionals hungry for more green, it may pay to scope out a new line of work: Recruiters, baristas, restaurant cooks, claims adjusters, customer service managers, bank tellers, warehouse associates, maintenance workers, pharmacy technicians and delivery drivers were the top 10 jobs boasting the fastest pay growth, according to Glassdoor data released in July.
© 2018 Dow Jones & Company, Inc. All Rights Reserved