Number of Americans living paycheck to paycheck jumps 7 percent, report shows

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

Number of Americans living paycheck to paycheck jumps 7 percent, report shows 5e12449ec0959.image

Number of Americans living paycheck to paycheck jumps 7 percent, report shows 5e12449ec0959.image

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.

"Even in late 2021, with COVID-19 refusing to recede from the public consciousness, the economic toll is being aggravated by the steady rise in prices that has persisted since the spring," the report said. "The inflation spike that is weighing on consumers’ moods underscores the needs consumers will have, which may include accumulating disposable cash and available credit. How consumers resolve their temporary financial obstacles will vary from one person to the next. Some may moonlight at a second job, while others may negotiate new terms with some creditors and another group may decide that a short-term loan will best help them persevere."

The report, which surveyed 3,000 people, found that for members of Generation Z living paycheck to paycheck, their average savings comes in at $1,158.

The high number of struggling Americans comes against the backdrop of several troubling economic factors.

The Department of Labor released new jobless data Thursday which showed 248,000 first-time unemployment claims, a significant increase despite experts' predictions that the number of new claims would decrease.

.https://www.thecentersquare.com/national/number-of-americans-living-paycheck-to-paycheck-jumps-7-percent-report-shows/article_c65e46e8-9023-11ec-a930-0bf5876480cc.html

Number of Americans living paycheck to paycheck jumps 7 percent, report shows

Number of Americans living paycheck to paycheck jumps 7 percent, report shows

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