More than half of Americans are currently living paycheck to paycheck, according to a new report from LendingClub that found a slight increase from last year.
The report found that 59% of Americans were living paycheck to paycheck in July, a slight decrease from 61% in June but still higher than last year, when 54% reported living paycheck to paycheck.
About 3-in-4 low-income earners — those making less than $50,000 per year — are living paycheck to paycheck, as are about 63% of those who earn between $50,000 and $100,000.
Less than one-third of Americans making more than $200,000 per year reported living paycheck to paycheck.
"Inflation in the last year, let alone the last decade, has made it much more difficult for consumers to save while staying on top of their expenses," LendingClub financial health officer Anuj Nayar told CNBC.
"Not only are consumers saving less every month, but they are likely to encounter an emergency expense, if not multiple, putting them at a greater risk for increased financial hardship," Nayar continued. "This fact paves a financially difficult road ahead for consumers."
Theodore Bunker ✉
Theodore Bunker, a Newsmax writer, has more than a decade covering news, media, and politics.
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