‘Better Have My Money’: Americans Expect Salaries To Be No Less Than 70K
Amid overwhelming inflation rates, the New York Federal Reserve has released data indicating that Americans are seeking nearly $10,000 more than the average salary of $69,475 people received over the past four months. In fact, some are even demanding upward of $90,000. So, what does inflation have to do with it?
The average inflation rate over a year topped 5% in 2022 for the first time since 1990. Inflation’s long slumber is over, and the price tag has gone up. According to the survey data, as prices rise, Americans’ salary expectations for a new job have grown to lofty heights since March 2014.
What are Americans demanding?
Over four months, more Americans are expecting to be unemployed. The average expected likelihood of becoming unemployed increased to 3.9% from 2.3% in July 2022 for respondents younger than age 45 and those with annual household incomes less than $60K. Meanwhile, the average expected likelihood of receiving at least one job or even multiple job offers decreased.
Moreover, the survey results found that Americans expect an average annual salary of $67,416. This is a sharp increase from $60,310 in July 2022. “The increase was broad-based across age, education, and income groups, but was most pronounced for respondents above age 45 and for college graduates,” per the press release.
In comparison, the lowest wage respondents above age 45 would be willing to accept for a new job “reached its highest reading of $78,645, from $72,873 in July 2022.”
How do these demands affect Black Americans?
Black Americans often face more severe financial struggles in some of the most trying economic times. BLACK ENTERPRISE reported on a 2022 survey published by Matt Brannon that offered some surprising results.
“While inflation and the current economic conditions are making life hard on Americans of all races, Black Americans are making the best of a bad situation. Overall, they’re making smart financial decisions, which are paying off,” Brannon noted.
- For instance, Black Americans (43%) are 8% more inclined to report they are doing better than they were last year versus average Americans (35%).
- Blacks (55%) are 7% more likely than average Americans (48%) to say they met their financial goals in 2022.
- Black Americans, 58%, are less likely to be worried about their finances than Americans overall (50%).