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More Americans are living paycheck to paycheck

Americans are living paycheck

A greater proportion of Americans are living paycheck to paycheck, according to a report released Monday by Lending Club and PYMNTS.

The percentage of US consumers who lived paycheck to paycheck in December was 64%, according to the report. That figure was equivalent to around 166 million and marked a 3% year-over-year jump.

The man calculates the bills

Americans are living paycheck

Man using calculator Accounting Calculating cost Economic bills with money stack growing growing step saving money at home, finance concept (iStock/iStock)

In December 2021, 61% lived like this, according to the report.

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The report, produced in collaboration with PYMNTS, surveyed more than 3,900 consumers in the United States. The polls took place from December 8 to December 23.

Of many consumers making more than $100,000 a year, 51% said they were living paycheck to paycheck last month, compared to 42% who said so at the same time last year previous, he also noted. Of these, 16% reported difficulty paying their monthly bills.

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Americans are living paycheck

The report showed that for consumers earning between $50 and $100,000, two-thirds lived paycheck to paycheck in December, and more than three-quarters (78%) of those earning less than $50,000 dollars also said so.

stressed at the office

Photo of a young designer looking stressed as he works in an office (iStock/iStock)

Those percentages had “remained relatively constant” year over year, LendingClub Corporation said in a press release.

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Meanwhile, the report found that around 40% of consumers living paycheck to paycheck expressed a positive view of their financial situation. Just over a quarter, 27%, said they expected it to “get worse”.

Inflation was named the “most worrisome factor” by about 75% of paycheck-to-paycheck consumers anticipating that their personal finances will experience some kind of decline this year, LendingClub Corporation said. Another popular reason was economic uncertainty.

inflation in america

THE INFLATION GAUGE UNDER CLOSE WATCH BY THE FED COOLS IN DECEMBER, BUT PRICES REMAIN HIGH

Inflation, while still painfully high, gave some indications of cooling in December, as previously reported by FOX Business.

The consumer price index fell 0.1% month-over-month and rose 6.5% year-over-year, according to data released in mid-January by the Ministry of Labour. The personal consumption expenditure index, favored by the Federal Reserve for measuring inflation, rose 0.1% from November and 5% from the same period last year.

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