Financial Strain Persists as Majority of Americans Live Paycheck to Paycheck Amidst Inflation

Approximately 60 percent of U.S. consumers, including those with high incomes, reported living paycheck to paycheck in August, according to a report by Pymnts and LendingClub. This figure remained unchanged from the previous year. The report also revealed that nearly 20 percent of paycheck-to-paycheck consumers struggle to pay bills, while almost half of all consumers experience seasonal financial distress. Reasons for financial instability include supporting family members and nonessential spending, which tends to increase during the holiday season.