A report released Monday by LendingClub and PYMNTS found that a larger percentage of Americans live paycheck to paycheck.
The percentage of American consumers who have lived paycheck to paycheck The report in December said it was 64%. This number equates to about 166 million and represents a jump of 3% year over year.
In December 2021, the report said, 61% were living this way.
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The report, conducted in collaboration with PYMNTS, surveyed more than 3,900 consumers in the United States. The polls were conducted from December 8 to December 23.
Of the many consumers earning more than $100,000 a year, 51%, indicated they were living paycheck-to-paycheck last month, compared to 42% who said that at the same time a year earlier, it was found. Of those, 16% reported difficulties in covering monthly bills.
Nearly 70% of Americans struggle to pay grocery bills, survey finds
The report showed that for consumers earning between $50,000 and $100,000, two-thirds lived paycheck to paycheck in December, and more than three-quarters (78%) of those earning less than $50,000 said so as well.
LendingClub Corporation said in a press release.
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Meanwhile, the report found that about 40% of consumers who live by paycheck to paycheck expressed rosy prospects about their finances. Just over a quarter, 27%, said they expected it to “get worse.”
inflation The LendingClub Corporation cited it as the “factor of most concern” by nearly 75% of paycheck-to-pay consumers who expect their personal finances to see some kind of decline this year. Another popular reason was economic uncertainty.
The Fed’s closely watched inflation gauge cooled in December, but prices remain elevated
Inflation, while still painfully high, gave some signs of abating in December, as previously reported by FOX Business.
the Consumer price index It fell 0.1% month over month and rose 6.5% year over year, data released in mid-January by the Labor Department showed. The personal consumption expenditures index, which the Fed likes to measure inflation, rose 0.1% from November and 5% from the same period last year.