NEW YORK, Nov. 15, 2016 /PRNewswire/ -- Nearly half of
Americans report that their pay has increased over the past 12
months, according to a new study by Bankrate.com (NYSE:
RATE). Of the working Americans who state they are making
more money, roughly 37% received a pay raise and nearly 12% found a
better paying job. To view the survey results go to:
http://www.bankrate.com/finance/consumer-index/financial-security-charts-1116.aspx
"When it comes to rising incomes, it's a case of the 'halfs' and
the 'half nots' with half of working Americans getting a raise or
better paying job and half that didn't," said Bankrate.com Chief
Financial Analyst Greg McBride,
CFA.
Among those working Americans that did get a pay raise, 52% were
performance-based increases, 30% were cost-of-living adjustments,
and 10% were promotions or new job responsibilities.
Although nearly half of Americans saw a pay increase over the
past year, the other 50% of respondents did not. Working
Americans that didn't get a raise or promotion were found to skew
more heavily toward less educated workers, part-time employees, and
those ages 62 and up.
"As with the just-completed election, the apparent divide among
Americans includes wages. Bridging that gap will be not only the
challenge, but the mandate for President-Elect Trump," stated
Mark Hamrick, senior economic
analyst at Bankrate.com.
The Financial Security Index, in a poll taken the weekend before
Election Day, moved to a record high
of 104.9, the second straight month posting a strong increase.
Americans reported stronger feelings of security for all 5
components – job security, comfort level with savings, comfort
level with debt, net worth, and overall financial situation.
Any value above 100 is indicative of improved financial security
while any value below 100 is characteristic of deteriorating
financial security in the preceding 12 months.
Princeton Survey Research Associates International obtained
telephone interviews with a nationally representative sample of
1,000 adults living in the continental United States. Interviews were conducted by
landline (500) and cell phone (500, including 304 without a
landline phone) in English and Spanish by Princeton Data Source
from November 3-6, 2016. Statistical
results are weighted to correct known demographic discrepancies.
The margin of sampling error for the complete set of weighted data
is plus or minus 3.8 percentage points.
About Bankrate.com
Bankrate.com provides consumers with the expert advice and tools
needed to succeed throughout life's financial journey. For over two
decades, Bankrate.com has been a leading personal finance
destination. The company offers award-winning editorial
content, competitive rate information, and calculators and tools
across multiple categories, including mortgages, deposits, credit
cards, retirement, automobile loans, and taxes. Bankrate aggregates
rate information from over 4,800 institutions on more than 300
financial products. With coverage of over 600 local markets,
Bankrate generates rate tables in all 50 U.S. states. Bankrate
develops and provides web services to more than 100 cobranded
websites with online partners, including some of the most trusted
and frequently visited personal finance sites on the internet, such
as Comcast, Yahoo!, CNBC and Bloomberg. In addition, Bankrate
licenses editorial content to more than 500 newspapers on a daily
basis including The Wall Street Journal, USA Today, The New York
Times and The Los Angeles
Times.
For more information:
Katie Yates
VP, Corporate Communications
kyates@bankrate.com
(917) 368-8677
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SOURCE Bankrate.com