About 60% of U.S. consumers say they live paycheck to paycheck, according to a new survey.
new report from Pimunto and Lending Club It found that 59.8% of U.S. consumers across all income levels reported living on their August paycheck, down slightly from 61.4% who reported the same in July.
Those living paycheck to paycheck include 45 percent of high-income consumers with annual incomes of $100,000 or more.
Sixty-two percent of people making between $50,000 and $100,000 a year said they could live on this month’s salary, and about 76% of people making less than $50,000 a year said the same.
These numbers have remained unchanged since August 2022, the report notes.
The report also found that about 20% of consumers who live paycheck to paycheck report having trouble paying their bills, while about 41% of consumers who live paycheck to paycheck report that they have trouble paying their bills. He also said he has not had any problems paying his bills.
This report is consistent with a report from earlier this year that found that about 60% of Americans report living paycheck to paycheck. A previous report conducted by the same organization found that 9.3 million more people will report a living wage in 2022 than the previous year.
The report also found that nearly half of all consumers say their financial situation changes seasonally. This includes about one-third of consumers who say they won’t make it through payday.
The main reasons why consumers experience seasonal financial hardship each time they receive a paycheck are family payments and non-essential expenses, with spending increasing in December due to the holiday season. More than one-third of all consumers say December is a month of financial hardship.
The survey was conducted between August 2nd and August 15th among 4,218 US consumers.
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