All articles tagged with #living paycheck to paycheck
Many Americans feel behind financially, but even checking off one of three key financial habits—such as saving money—can place you in the top half of earners. Despite widespread financial stress, managing expenses and saving, especially through budgeting tools like Monarch Money, can improve your financial standing.
As holiday spending is expected to reach record levels, a TD Bank survey reveals that 96% of shoppers anticipate overspending, with half planning to take on more debt to cover expenses. However, only 23% have a plan to pay off this debt within one to two months. With credit card financing rates at all-time highs, carrying a balance can be costly, leading to financial distress. A CNBC survey found that 61% of Americans are living paycheck to paycheck, contributing to stress about finances.
Despite signs of cooling inflation, 60% of Americans are still living paycheck to paycheck, with real average hourly earnings declining and households struggling to make ends meet. Rising prices for housing, food, and child-care, along with higher interest rates on credit card debt and auto loans, are putting pressure on budgets. Lower-income workers have been hit the hardest, with 76% of those earning less than $50,000 a year living paycheck to paycheck. Financial stress is affecting 70% of Americans.
Despite a recent easing of inflation, 61% of Americans report living paycheck to paycheck, according to a LendingClub report. Lower-income workers have been hit hardest by price spikes, with roughly three-quarters of those earning less than $50,000 annually and 65% of those earning between $50,000 and $100,000 living paycheck to paycheck. Only 45% of those earning $100,000 or more reported the same. Rising prices, interest rates, and a lack of savings have contributed to financial stress for a majority of Americans, with more than half struggling to afford their day-to-day lifestyle. Many are relying on credit cards or dipping into savings, making them financially vulnerable.