More Americans Live Paycheck to Paycheck, Seeking Earlier Access to Wages Despite Fees

Nearly 80% of Americans surveyed said they would struggle to pay bills if their paycheck was delayed a week, up 6% from last year.
Over a third of Americans said they couldn't cover a $400 emergency expense, per a Federal Reserve report.
34% want access to wages earlier than payday, up 13% from 2022, highlighting popularity of Earned Wage Access.
Some Earned Wage Access programs charge fees to access pay early.
Americans are becoming more pessimistic about the economy and their finances, according to surveys.

investopedia.com

Relevant topic timeline:

8/20/2023

61% Of Americans Are Living Paycheck to Paycheck: Report

### 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.

8/31/2023

Inflation squeezes Americans as 61% say they live paycheck to paycheck

A study shows that over 60% of Americans are living paycheck to paycheck despite the Federal Reserve's efforts to control inflation, as prices for goods and services continue to rise.

9/2/2023

All income brackets now living paycheck to paycheck: Study

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.

9/15/2023

High-Earning Americans Increasingly Living Paycheck to Paycheck Despite Six-Figure Salaries

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.

9/16/2023

Gen Z Saves More and Invests Differently Than Older Generations

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.

9/27/2023

Inflation Outpaces Wages, Leaving Majority of Americans Strapped Despite Cooling Prices

Approximately 60% of Americans are living paycheck to paycheck, facing financial challenges due to high inflation, higher interest rates, and stagnant wage growth.

9/27/2023

Paycheck to Paycheck: Majority of U.S. Consumers, Even High Earners, Struggle with Financial Stability

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.

10/15/2023

Living Paycheck to Paycheck: The Financial Insecurity Plaguing Even High Earners

Despite making more than $100,000, many Americans still struggle with financial hardships, highlighting the prevalence of living paycheck to paycheck.

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Posted 9/18/2023, 11:00:00 AM

More Americans Live Paycheck to Paycheck, Seeking Earlier Access to Wages Despite Fees

Nearly 80% of Americans surveyed said they would struggle to pay bills if their paycheck was delayed a week, up 6% from last year.
Over a third of Americans said they couldn't cover a $400 emergency expense, per a Federal Reserve report.
34% want access to wages earlier than payday, up 13% from 2022, highlighting popularity of Earned Wage Access.
Some Earned Wage Access programs charge fees to access pay early.
Americans are becoming more pessimistic about the economy and their finances, according to surveys.

investopedia.com

Relevant topic timeline:

8/20/2023

61% Of Americans Are Living Paycheck to Paycheck: Report

8/31/2023

Inflation squeezes Americans as 61% say they live paycheck to paycheck

A study shows that over 60% of Americans are living paycheck to paycheck despite the Federal Reserve's efforts to control inflation, as prices for goods and services continue to rise.

9/2/2023

All income brackets now living paycheck to paycheck: Study

9/15/2023

High-Earning Americans Increasingly Living Paycheck to Paycheck Despite Six-Figure Salaries

9/16/2023

Gen Z Saves More and Invests Differently Than Older Generations

9/27/2023

Inflation Outpaces Wages, Leaving Majority of Americans Strapped Despite Cooling Prices

Approximately 60% of Americans are living paycheck to paycheck, facing financial challenges due to high inflation, higher interest rates, and stagnant wage growth.

9/27/2023

Paycheck to Paycheck: Majority of U.S. Consumers, Even High Earners, Struggle with Financial Stability

10/15/2023

Living Paycheck to Paycheck: The Financial Insecurity Plaguing Even High Earners

Despite making more than $100,000, many Americans still struggle with financial hardships, highlighting the prevalence of living paycheck to paycheck.