Higher living costs were triple the wage growth of the lowest-income workers, according to a new study. Meanwhile, their cash buffer is getting depleted.
These families funneled more of their budgets to necessities like energy and transportation, prices of which grew more rapidly than other goods and services.Meanwhile, the lowest-paid workers were the beneficiaries of the biggest wage growth last year, as restaurants and other generally lower-paying employersBut higher living costs for the lowest earners were more than triple their extra annual pay — $1,837 versus $578, respectively, according to the Wharton School report published Tuesday.
Higher earners fared better. Most households with $20,000 to $100,000 of annual income roughly broke even, while those with more than $100,000 came out ahead, according to the analysis.
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