5 Common Reasons 30% of Americans Live Paycheck to Paycheck in 2023
Approximately 30% of Americans are living paycheck to paycheck due to unplanned expenses, health conditions, economic changes, lack of options, and costly payment alternatives.
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Posted 9/1/2023, 6:12:32 PM
yahoo.com
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Inflation and rising interest rates have forced a majority of Americans, across all income brackets, to live paycheck to paycheck, with lower-income individuals being the hardest hit, according to a survey from Lending Club Bank.
Almost a third of Americans earning $150,000 a year or more are living paycheck to paycheck and relying on credit cards to cover expenses, indicating an economic divide that is widening among Americans.
Approximately 75% of American workers earning up to $50,000 live paycheck to paycheck, while credit card debt has exceeded $1 trillion, making it difficult for those with debt to save; Gen Z saves more money than older generations due to their experience of the Great Recession, lack of trust in Social Security, and inclination to invest in cryptocurrency.