### Summary
🇺🇸 61% of Americans are living paycheck to paycheck, according to a new report.
### Facts
- 📊 About three-quarters of consumers earning under $50,000 and 65% of those making $50,000 to $100,000 were living paycheck to paycheck in June.
- 💰 45% of those making over $100,000 reported a paycheck-to-paycheck existence.
- 💸 Inflation, rising interest rates, and inadequate savings are cited as factors contributing to financial stress.
- 😰 52% of respondents reported feeling more financially stressed than before the COVID-19 pandemic.
The majority of Americans are unable to pay off their credit card debt in full each month, with 51% of individuals rolling over their balances and accruing interest, according to a survey by J.D. Power. This marks a significant shift from previous years and is attributed to factors such as inflation, dwindling savings, rising interest rates, and increased everyday use of credit cards.
Americans facing high prices and interest rates are struggling to repay credit card and auto loans, leading to rising delinquencies and defaults with no immediate relief in sight, particularly for low-income individuals, as analysts expect the situation to worsen before it improves.
A CNBC survey found that 74% of Americans are feeling financially stressed, with inflation, rising interest rates, and a lack of savings being the top stressors, making it difficult for many workers to contribute to their retirement plans.
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.
American workers are facing a decline in median annual household income due to high inflation, with 17 states experiencing a decrease while only five saw an increase, according to data from the Census Bureau. The labor market remains challenging, with wages rising but not enough to keep up with inflation.
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.
Almost 80% of Americans are living paycheck to paycheck and would struggle to meet their financial obligations if their paychecks were delayed by a week, according to a survey by PayrollOrg.
A Bank of America survey reveals that 67% of American workers believe that the cost of living is rising faster than their wages, leading to increased financial stress despite the easing of inflation.
About 56% of American workers feel they are falling behind in saving for retirement, with older generations being the most concerned, and the average amount people believe they need to retire comfortably has increased to $1.8 million, according to a survey from YouGov for Bankrate and another survey from Charles Schwab.
About 60 percent of U.S. consumers, across all income levels, reported living paycheck to paycheck in August, with the figure remaining unchanged from the previous year, according to a new report from Pymnts and LendingClub.
A significant percentage of high earners, including those making over $150,000 annually, are living paycheck to paycheck and struggling to make ends meet, often resorting to credit cards to fill the gaps, due to factors such as high cost of living, debt obligations, societal pressures, and lack of financial literacy.
More than half of Americans are struggling to pay their bills as high costs, inflation, and stagnant or declining incomes continue to make consumers angry and dissatisfied.
Despite making more than $100,000, many Americans still struggle with financial hardships, highlighting the prevalence of living paycheck to paycheck.
Americans are facing difficulty in paying off their debts as savings decline and interest rate hikes increase financing costs, leading to an increase in credit card, mortgage, and autopayment delinquencies.
