We have reached a point where nearly two-thirds of all Americans are living paycheck to paycheck. So what happens if millions of those people suddenly lose their paychecks during the severe economic downturn that is ahead of us? In 2008, unprecedented numbers of Americans found themselves unable to pay their mortgages when the recession struck, and foreclosures surged to absolutely shocking levels. Unfortunately, we have set ourselves up for the same thing to happen again. Most Americans are literally teetering on the brink of financial disaster, and it won’t take much to push them over the edge.
According to a survey that was just released, 63 percent of Americans were living paycheck to paycheck in September…
As rising prices continue to outpace wage gains, families are finding less cushion in their monthly budget.
As of September, 63% of Americans were living paycheck to paycheck, according to a recent LendingClub report — near the 64% historic high hit in March. A year ago, the number of adults who felt strained was closer to 57%.
Why aren’t more people alarmed by the fact that nearly two-thirds of the entire country is just barely scraping by from month to month?
If you do not have anything to fall back on, you are just one major setback away from extreme financial distress.
A job loss, an auto accident or a serious illness could hit at any time. If you suddenly experienced such a tragedy, how would you make ends meet?
A different survey that was recently conducted found that two-thirds of all working adults in the United States believe that they are “worse off financially”than they were 12 months ago…
As inflation pressures continue, two-thirds of working adults said they are worse off financially than they were a year ago, according to a recent report by Salary Finance.
To make ends meet, many are dipping into their cash reserves or going into debt.
Nearly three-quarters, or 72%, of consumers have less in savings than last year, a jump from 55% who said the same in February, the report found. And 29% said they have wiped out their savings entirely. The report is based on a survey of 500 adults in August.
So most of us are living paycheck to paycheck, and most of us are also doing worse than we were in 2021.