Inflation continues to strain households across the nation and a new report says nearly two-thirds of Americans are now living paycheck to paycheck.
Here’s Five Fast Facts you need to know about the situation:
- How bad is it? - According to a recent report 64% of Americans are living paycheck to paycheck at the start of 2022. That also includes 48% of folks who make over $100,000 a year!
- 🔍🤔 How do researchers define “Paycheck to Paycheck?” - People living paycheck-to-paycheck fall into two categories: those struggling to pay their bills and those who are not.
- How are they doing? - Thankfully, the number of those who are able to pay their bills increased to 42% in January 2022. On the other hand, 22% of people living paycheck-to-paycheck are still struggling to pay their monthly bills.
- 💵👀Middle Class Earners are Struggling - Two-thirds of middle-income earners — those who make between $50,000 and $100,000 a year — said they were living paycheck to paycheck in January.
- ⛽🏬What Can You Do? - Do your best to shore up your budget and make long-term plans to maintain your savings and investments or consider a side-hustle to add some cash to your wallet in your free time!
