According to reports, 62% of US adults live paycheck to paycheck.
A report by PYMNTS and peer-to-peer lending platform LendingClub states: clearly As of February, 62% of Americans are living paycheck to paycheck, including 48% of high-income consumers.
The report notes that although inflation is lower than in July, consumers are still struggling with rising costs.
“Inflation is making the cost of living even higher, and consumers are already taking action to deal with it, including cutting back on discretionary spending,” the report said. “But so far we have only been able to pull back on spending, and PYMNTS data shows that consumers are finding other ways to weather the decline in purchasing power.”
The report observed that “secondary income could be key” for some, with about a quarter of consumers having a second job and 17% having other forms of secondary income. He points out that he had an income.
According to the report, 39% of those who lived paycheck to paycheck had “problems paying bills” and cited “special expenses” as reasons for seeking a side job.
About 55% of respondents reported an increase in secondary income as a percentage of total income in the last 90 days.
The report surveyed 4,125 US consumers from February 7 to February 23 and also considered economic data from other sources.
February press release from LendingClub indicated 60% of consumers in January lived paycheck to paycheck, 2% lower than in February.
The press release also provides data on outstanding credit card balances, with the average consumer putting 35% of their savings into credit card debt.
However, this number varies by consumer group. The person who said she was fine paying her bills maintained a credit card balance worth 62% of her savings. 50 percent.