Report: Most Americans Living Paycheck-to-Paycheck After Inflation Spike

Rising prices mean that Americans are spending more on the same goods and services, and as a result more than 60% of U.S. consumers are living paycheck-to-paycheck or dipping into savings to cover their routine costs, a recent LendingClub report found.

The number of Americans living paycheck-to-paycheck was up 5.5% in June from a year prior as fully 61% of Americans now devote nearly all of their salaries to expenses with little or nothing left over at the end of the month, according to LendingClub’s report. Americans’ purchasing power has declined in recent months as inflation has outpaced wage increases, making it more difficult to afford normal budgets, the report concluded.

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Number of Americans Living Paycheck to Paycheck Jumps Seven Percent, Report Shows

A growing number of Americans are living paycheck to paycheck despite increasing wages, a newly released report found.

PYMNTS and Lending Club released the report, which says that 61% of Americans are living paycheck to paycheck, an increase of 7 points since May 2021. The report also found 54% of Baby Boomers and seniors are living paycheck to paycheck.

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