66% of American workers are worse off financially than a year ago due to inflation, report finds

The standard of living has gone down due to rising costs.

Two-thirds of working adults say they are worse off financially than they were a year ago, according to a recent report.

Many people are going into debt to make ends meet.

More than 70% of consumers have less in savings than last year, up from 45% who said the same in February. 29% said they've wiped out their savings completely. A survey of 500 adults was used to create the report.

More from Personal Finance: How to save on groceries as the inflation rate soars.

The consumer price index, which measures the average change in prices for consumer goods and services, rose more than expected again in September, still hovering at the highest levels since the early 1980s

The rising cost of living is bad news for workers, who saw their average hourly earnings decline for the month on an inflation-adjusted basis and are off 3% from a year ago.

32% of adults say they run out of money between pay periods.

Across the board, American workers are struggling financially.

According to Salary Finance, even high-earning people are struggling more this year. Half of those making more than six figures are having a harder time staying afloat and have less savings than they did a year ago.

40% of adults say they are less able to afford their bills than a year ago, according to a report by LendingTree.

Half of American workers making over $100,000 are worse off this year, regardless of gender, race, ethnicity, sexual orientation, or earnings.

The Federal Reserve has indicated that more interest rate increases are on the way.

Mark Hamrick, senior economic analyst at Bankrate.com, said that the central bank has a bright green light with respect to future interest rate increases.

He said that the target range for the federal funds rate must go higher from here. There is only a push to higher ground at this time.

You can also subscribe to CNBC on the internet.