License Photo” alt=”Baby boomers were found to be the least likely of any working generation to discuss salaries with their co-workers. File Photo by Bill Greenblatt/UPI | License Photo” onclick=”st_ss_sh1();”/>
Jan. 4 (UPI) — Inflation has many US workers feeling like their salary is not enough to keep up with costs, and a new study by Finance Buzz found that many feel like they are underpaid.
Of 1,250 people surveyed, only about 37% said that they feel like their salary is keeping pace with inflation. Meanwhile, 41% said they are being underpaid.
“With inflation driving up costs for all kinds of products all around the world, paychecks for many people are not stretching as far as they used to,” writes Finance Buzz’s Josh Kobert.
Conversations about personal finances are common across all generations of workers. Overall, about 59% of respondents said they discuss topics related to personal finances with close friends and family fairly regularly. Gen Z was most likely to do this, with 68% saying it is a normal topic of conversation. Gen X is the least likely to talk about personal finances, answering 51% in favor.
Although it was common for respondents to discuss personal finances, they were not comfortable discussing all related topics. Sixty percent said they have not talked about their salary with co-workers and co-workers have not shared with them. Sixty percent said they would not share the balance of their bank account with a friend. About 58% said they do not disclose how much credit card debt they have.
Baby boomers were the least likely to share salary information, while Gen Z was the most likely.
The National Labor Requirements Act protects the rights of some workers to discuss their salaries with each other, although some employers will discourage it. Some retail employees, healthcare workers, educators and others are protected by the act.
Employers may feel that if a worker knows they are not getting paid as much as others, they will become dissatisfied. About 15% of people said they have left a job because they found out their co-workers were making more money than them. Sixteen percent said they have used their co-workers’ salary information to ask for a raise and 22% said an employer encouraged them to keep their salary a secret from other employees.
For those who do share salary information with others, a spouse or partner is the most common person they share with. Fifty-seven percent said they share this with their spouse, versus 40% with their parents and 29% with their best friend.