Survey: Nearly two-thirds of Americans are living paycheck to paycheck
A new survey found that Americans living paycheck to paycheck increased over the last year, with nearly two-thirds of Americans reporting that they do so.
About 64 percent of consumers said they were living paycheck to paycheck at the end of 2022, according to a report from Pymnts and LendingClub. The report found that the number is about 9.3 million more than the previous year and includes about 8 million people making more than $100,000 per year.
The research also found that 4 out of 5 consumers expect their personal finances to improve over the next year, which is up 7 percentage points from July 2022. About one-third think that their personal finances will stay the same, and 27 percent believe their situations will get worse. Those making more than $100,000 per year are the most likely group to think that their prospects will improve.
For those who believe their financial situations will worsen, most cited inflation and economic uncertainty as main reasons. About 75 percent of those who think their finances will worsen said inflation was the top reason, and about one-third cited economic uncertainty.
Of those not living paycheck to paycheck, 72 percent are worried about economic uncertainty compared to 62 percent worried about inflation, according to the report.
The study surveyed nearly 4,000 people between Dec. 8 and Dec. 23.
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