66% of American workers are worse off financially than a year ago

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Rising costs have chipped away at most Americans’ standard of living.

As inflation pressures continue, two-thirds of working adults said they are worse off financially than they were a year ago, according to a recent report by Salary Finance.

To make ends meet, many are dipping into their cash reserves or going into debt.

Nearly three-quarters, or 72%, of consumers have less in savings than last year, a jump from 55% who said the same in February, the report found. And 29% said they have wiped out their savings entirely. The report is based on a survey of 500 adults in August.

The consumer price index, which measures the average change in prices for consumer goods and services, rose more than expected again in September, still hovering near the highest levels since the early 1980s.

The rising cost of living is bad news for workers, whose average hourly earnings declined 0.1% for the month on an inflation-adjusted basis and are off 3% from a year ago, leaving more Americans living paycheck to paycheck.

Now, 32% of adults said they regularly run out of money between pay periods, according to Salary Finance.

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