Page 5 - IAV Digital Magazine #564

Report: 64% of Americans Living Paycheck-to-Paycheck
• As of December 2022, 64% of Americans say they are living "paycheck-to-pay- check," according to a recent LendingClub sur- vey. This is up from 61% in 2021 and equivalent to the historic high reached in March 2020.
• 51% of Americans earning $100k or more annually say that they are also living paycheck-to-pay- check. That figure is nine percentage points higher com- pared to last year’s survey.
• Inflation is con- sidered to be the driving force of financial insecurity as it was up 9.1% in June 2022 — the largest year- over-year increase since the 12-month period ending Nov. 1981, according to the US Bureau of Labor Statistics.
• Although infla- tion has cooled in recent months, it is still quite high at 6.5% in Dec 2022. Notably, the cost of groceries has jumped nearly 12% in the last year, according to the Consumer Price Index.
• Overall, 9.3M more Americans live paycheck-to- paycheck with 8M (86%) of those earning six figures. 16% of the higher earners struggle to pay monthly bills compared to 66% of those making $50K-$100K and 78% making less than $50K annual- ly.
• Some experts are unsure if and when the con- sumer spending situation will improve, suggest- ing that elevated prices and eroding personal savings are driving factors.
iAV - Antelope Valley Digital Magazine
iAV - Antelope Valley Digital Magazine