Salaries have fallen by an average of 8.2% in the last five years. Despite this, house prices have risen by an average of 56% in the previous 5 years.
During the last five years, 97% of jobs have not kept pace with inflation. Salaries decreased by 8.2% on average whilst inflation piqued, leaving many workers wondering how far their paychecks would stretch.
Here are some of the hardest-hit industries due to the impact of inflation.
With an average decrease of 10.4%, jobs in this sector have seen the most significant wage reduction. The squeeze is felt by those responsible for keeping our streets clean and protecting the environment. Salaries fell by 7.4% in the agriculture and food production sector, with food scientists suffering the most with a 9.24% decrease, while Health Professionals suffered a 7.85% pay decrease.
While overall salaries in the arts sector decreased by 4.76%, models’ earnings increased by 13.25%. Commercial Pilots saw a real-world pay increase of 2.11% over the last five years, outpacing inflation. Unfortunately, healthcare professionals (doctors and dentists) faced an average salary decrease of 10.33%. If inflation persists, dentists’ salaries will drop by $24,000 in the next five years.
The dream of homeownership remains elusive for many. Despite salary declines, housing prices soared by an average of 56% during the same period. This makes is a lot harder for a person to buy a home now, compared with 20 years back.
Looking at the crystal ball, several factors influence our projections for median salaries in 2028: the inflation rate, housing costs, and industry trends. Workers must remain informed and adapt their financial strategies to cope with these economic changes. Remember, it's not just about making more money; it's about preserving purchasing power. As prices rise, every dollar counts. So, whether you are a teacher, a scientist, or a pilot, keep an eye on your pay and plan well for the future.
