A new report published this week by PYMNTS/LendingClub showed 157 million Americans are currently living paycheck to paycheck amid soaring inflation.
With just under 100 days left until the midterm elections, the new report revealed 61 percent of Americans were living paycheck to paycheck as of June, compared to about 58 percent in May.
“With inflation driving up costs everywhere, consumers in all income brackets — including those who make more than $250,000 annually — live paycheck to paycheck,” the report says. “PYMNTS’ research finds that 61% of U.S. consumers lived paycheck to paycheck in April 2022, a nine percentage-point increase from 52% in April 2021.”
The trend is true across various income brackets. Another recent poll by Willis Towers Watson showed 36 percent of those earning over $100,000 a year were living paycheck to paycheck. Even ten percent of those who earned over $250,000 a year reported they were living paycheck to paycheck. Thirteen percent of those also report having a below average credit score at the moment.
Inflation is showing few signs of slowing, with the cost of groceries reaching a 40-year high. The Consumer Price Index, which measures the average change in prices over time for goods and services, rose 9.1 percent in June.
Democrats are currently negotiating a reconciliation bill that aims to curb inflation, but the bill is currently stalled as Senator Kyrsten Sinema has raised some concerns over corporate tax provisions included in the bill.
ARTICLE: LAURA SPIVAK
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: ENTREPRENEUR.COM
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