More Than 60% of Americans , Are Living Paycheck to Paycheck, Amid Recession Fears.
Business Insider reports that rising inflation
has impacted consumers across the
United States' income spectrum.
According to a new report from PYMNTS.com and LendingClub, nearly two-thirds of the U.S. are currently living paycheck to paycheck.
According to a new report from PYMNTS.com and LendingClub, nearly two-thirds of the U.S. are currently living paycheck to paycheck.
That amounts to
about 157 million adults. .
That number
is up 9% from 52% in April of last year
to 61% during the same time this year. .
Business Insider reports that it is part
of an upward trend as the
cost of living outpaces wage growth.
36% of those making less than $50,000
annually are living paycheck to paycheck
and have issues paying bills.
The news comes amid fears of a recession
as consumers are already tapping into
savings to make ends meet.
According to PayPal CEO Dan Schulman,
at the current rate of inflation, consumers'
savings could run out by the end of the year. .
According to PayPal CEO Dan Schulman,
at the current rate of inflation, consumers'
savings could run out by the end of the year. .
Meanwhile, JPMorgan Chase CEO Jamie Dimon suggests that consumers in the U.S. have about six to nine months of spending power remaining in their bank accounts.
Meanwhile, JPMorgan Chase CEO Jamie Dimon suggests that consumers in the U.S. have about six to nine months of spending power remaining in their bank accounts.
PayPal's Schulman also points to reduced spending
among lower-income households which
is now impacting middle-income households.