One in three working Americans living paycheck to paycheck, survey shows
Gen X and divorcees are two groups who more commonly reported living paycheck to paycheck
Paycheck-to paycheck generation: Survey says more young adults struggling financially
FOX Business host Charles Payne breaks down a new financial report from LendingClub finding a majority of millennials are living paycheck-to-paycheck.
The latest figures paint a sobering portrait of the financial health of the American workforce: one out of every three individuals is just one paycheck away from falling behind.
New data released Monday by financial services company Bankrate indicates that 34% of Americans feel they are living the paycheck to paycheck lifestyle, with the number estimated to be even higher when factoring in "all U.S. adults, considering that 6 in 10 Americans (60.1 percent) are in the labor force," according to Labor Department numbers.
The latter is closer to the number given by LendingClub Bank in a 2023 study which focused on American consumers, finding that 61% live paycheck to paycheck.
HIGH DEBT IS CAUSING MORE CONSUMERS TO LIVE PAYCHECK TO PAYCHECK
Certain groups – including Gen X, southerners and divorced individuals – are more likely to live paycheck to paycheck. (iStock / iStock)
What's more, only 19% of those surveyed feel they are paid fairly for their work, while 24% feel they are "unfairly compensated" and another 19% feel they are "underpaid" when pitting their numbers against those of their colleagues with equivalent qualifications and work experience.
Bankrate noted a longstanding struggle for many Americans to develop a nest egg while indicating a dismal prospect of catching up.
"In the absence of automated savings, the presence of high inflation and a rising cost of living make it that much harder to get started. If you wait until the end of the month and try to save what is left over, too often there is nothing left over," Bankrate's Chief Financial Analyst Greg McBride said.
MANY CONSUMERS CARRYING A CREDIT BALANCE KNOW IT'S A BAD IDEA: SURVEY
Bankrate noted a longstanding struggle for many Americans to develop a nest egg while indicating a dismal prospect of catching up. (iStock / iStock)
Specific groups are being hit harder than others financially, with divorced workers topping the list at 49% and Gen X topping the list of age groups at 40%.
In terms of race, Hispanic Americans most commonly reported living paycheck to paycheck at 39%, followed by 35% of Blacks and 33% of Whites.
Regionally, Americans living in the South most commonly reported feeling as if they are forced to live paycheck to paycheck, with those living in the Midwest following closely behind.
FLORIDA-BASED MOM PAYS OFF $40K IN STUDENT DEBT AFTER LIVING ‘PAYCHECK TO PAYCHECK’
The American dream is no longer affordable under Biden's inflation: Rep. Cory Mills
Rep. Byron Donalds, R-Fla., and Rep. Cory Mills, R-Fla., discuss top issues ahead of the 2024 presidential election on 'Kudlow.'
"Americans in the South have the lowest inflation-adjusted median income ($37,860) of any Census region, according to data from the Bureau," the report reads.
"Inflation in the Midwest and South, meanwhile, peaked at higher levels (9.5 percent and 9.8 percent, respectively) than in any other Census region."
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Nurse's viral plea on living paycheck to paycheck highlights struggles in today's economy
Pennsylvania mom and registered nurse Mackenzie Moan discusses her viral TikTok video on her family's financial struggles in today's economy.
