Some staggering data shows that more than half of us are living paycheck to paycheck. That’s scary, kind of insane, and a sad sign of the times.
Here’s Five Fast Facts on Why So Many are Living Paycheck to Paycheck:
- 💸 High Numbers - Let’s get it out of the way: as of December 2022, 64% of Americans are living paycheck to paycheck. That’s 9.3 million more than December of 2021.That’s the same as it was during the pandemic.
- ⬇️ Inclusive - It’s starting to hit more people, too. More than half of all people who earn six figures say they are stretched too thin and that’s up from 42% a year ago.
- ⬆️ Less is Less - Part of the problem is something called “wage growth.” Basically, wages ain’t keeping up with the Cost of Living. (Which is up 6.5% from last year and doesn’t look to slow down any time soon.)
- 👴 Take a Dip - Living paycheck to paycheck is also hurting retirement: 41% surveyed said they stopped saving for retirement in 2022. Worse, 33% said they had to use money in their retirement funds. Not good!
- 🚗 Side Piece - In an attempt to stop the bleeding, 44% of Americans have a side hustle. Yes, close to half the country is working two jobs to make ends meet.
🔥Bottom line: These numbers are troubling because it shows the middle class is moving closer and closer to extinction. It may be easy to blame the president (or presidents), but the problems are much deeper than that. If things don’t change soon, times are going to be tough for more than 75% of the country.
Do you know anyone living paycheck to paycheck? What do you think are the reasons why?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
Btw, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
