A study by LendingClub Corporation and PYMNTS.com has found that more than half of Americans are living paycheck to paycheck. The study was conducted as a survey and found that of those Americans, when looking at the group making more than $100,000, nearly half from that group were living paycheck to paycheck as well.
And this number appears to be rising, with the survey finding that for those earners making between $50,000 and $100,000, more and more people are finding their savings depleted or finding it hard to save.
The study found two main categories within these groups as well. There were those living paycheck to paycheck comfortably, and then there were those who were in the same earning and spending situation but not living comfortably, the researchers said.
A LendingClub report published at the beginning of March found that as 2022 began, 64% of the population of the United States found themselves living paycheck to paycheck. That's an increase from where that number was in December, at 61%. The high was in 2020 when it was at 65%, the report said.
According to the findings, the share of people who have not found themselves living paycheck to paycheck is declining, though. That number is now down to 36% from 39% in December 2021. And for those earning more than $100,000 a year and living paycheck to paycheck, their average savings account balance was at $11,168. For those who said they were not struggling to pay their bills, their savings account average balance was at $12,881.
The report noted inflation's rise in recent weeks and months writing, "As the pandemic continued to weigh on the economy in the early months of 2022, the United States government reported that inflation climbed to 7.5% over the past 12 months.1 Both the pandemic and inflation are making it harder for consumers in all income brackets to make ends meet."