Americans’ paycheck-to-paycheck life increased last year, with nearly two-thirds of Americans reporting doing so, according to a new survey.
About 64% of consumers say they will be living paycheck to paycheck by the end of 2022, according to a report from Pymnts and LendingClub. That number is about 9.3 million higher than last year, including about 8 million earning more than $100,000 a year, according to the report.
The survey also found that four out of five consumers expect their personal financial situation to improve in the coming year. This is his 7 percentage points increase from July 2022. Things get worse. Those earning $100,000 or more a year are the group most likely to believe their future prospects will improve.
Inflation and economic uncertainty are the main reasons most people think the financial situation will worsen. About 75% of those who believe the financial situation will worsen said inflation was the top reason, and about a third cited economic uncertainty.
Of those who are not living paycheck to paycheck, 72% worry about economic uncertainty, while 62% worry about inflation, according to the report.
The survey surveyed approximately 4,000 people between December 8th and December 23rd.