According to a report from LendingClub, 61% of American adults are living paycheck to paycheck.
Last year, 59% of American adults reported living paycheck to paycheck.
The finding suggests Americans are still struggling with inflation.
“Consumers are undoubtedly continuing to feel the impact of inflation and rising interest rates,” said TD Bank’s head of credit cards and unsecured lending Chris Fred.
Seventy-eight percent of those making less than $50,000 a year and 65% of those making between $50,000 and $100,000 were living paycheck to paycheck throughout the month of July.
Only 44% of those making over $100,000 a year were living paycheck to paycheck.
Reporting from CBNC:
Some 70% of Americans admit to being stressed about finances, according to a separate CNBC Your Money Financial Confidence Survey conducted in March, largely due to inflation, rising interest rates and a lack of savings. Only 45% of adults said they have an emergency fund. For those who do have emergency savings, about 26% polled said they have less than $5,000 saved.
