When the financial services industry speaks on the year-in, year-out tragedy that is living paycheck-to-paycheck, our minds naturally gravitate to the lower-income individuals in the United States, typically those earning $50,000 or less.
And it’s true: according to LendingClub’s recent report, roughly three-quarters of consumers earning less than $50,000 or less were living paycheck-to-paycheck in June 2023, while 65 percent of those earning $50,000–$100,000 were doing the same.
But it’s not only lower-income Americans who are getting buried under interest rate hikes and inflationary pressures. Data from personal finance company Quicken and reported by Yahoo! Finance discovered that 32 percent of Americans earning $150,000 or more are currently living paycheck-to-paycheck.
“Our research shows an economic divide that is widening among Americans – there is a large group of hardworking people who are still struggling financially,” said Quicken’s CEO Eric Dunn in a press release. “I’m troubled by the compounding problems facing this group – many of them are living paycheck-to-paycheck and relying on credit cards they may not be able to afford.”
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