46% of Americans Say Their Incomes Aren't Keeping Up With Inflation

Many people are struggling to get by as living costs continue to climb. Food, utilities, gasoline, housing, and other everyday expenses now cost more, and everyone feels the strain on their wallets at the checkout line. Many Americans struggle to meet their financial obligations now, especially if their income hasn't increased to account for inflation. Discover how Americans feel about inflation and learn more about their financial concerns during this time.

79% of Americans say inflation is their top financial concern

TransUnion conducts a quarterly survey to explore how consumer finances have changed and to discover what changes consumers expect to see in the future. In the 2023 Q2 study, TransUnion found that most Americans have inflation on their mind.

A majority of respondents (79%) noted that inflation was their top financial concern. Fears of a recession and the rising cost of housing were other notable concerns. The study found that 46% of Americans reported that their incomes didn't keep up with the rate of inflation. However, 48% said they believe their incomes will rise in the next year. Hopefully many people do see income growth soon.

Most everyday essentials and bills cost more now than in recent years. Continuing to pay for these rising expenses with the same income can be a challenge for many. Plus it can be frustrating when your employer doesn't offer a raise or denies your request for one, especially if you've gone above and beyond in your role.

The good news is there are additional ways to make more money beyond a raise. If you have extra time in your schedule, you can boost your income.

Five ways to increase your income without asking for a raise

Getting a raise or a promotion can be an excellent way to boost your income. But that's not always possible. If a raise or an alternate role in your company is unavailable now, there are other ways to make more money. Here are a few ideas to consider:

1. Do freelance work: Freelancing can be ideal if you have extra time to commit and want to make more money. You can work at your own pace and at a schedule that works best for you while you increase your checking account balance.
2. Apply for a better-paying job: If your current salary isn't enough, you may want to consider transitioning to a new job with a different company. You can apply for job opportunities with better benefits and compensation while continuing to work your current job.
3. Open a savings account: If you're saving money but aren't keeping your extra cash in a savings account, you're missing out. You can earn interest on your savings contributions by keeping your extra money in a high-yield savings account.
4. Sell items around your house: If you need an income boost and could benefit from decluttering your home, you may want to consider selling some unwanted items. You can list items on Facebook Marketplace, Craigslist, or in local community groups.
5. Rent out a room in your home: If you have a spare bedroom and don't mind living with others, getting a roommate could help you cut your costs so your income goes further. You can check other listings in your area to get a feel for how to price the rental fee.

Are you looking for additional guidance on how to improve your financial situation? Check out our free personal finance resources to learn more.