Sixty-two percent of Americans live paycheck-to-paycheck
A quarter of consumers have an additional job to make ends meet. An additional 17% seek supplemental income.
Sixty-two percent of Americans currently live paycheck-to-paycheck, including 48% of high-income earners, a new report from PYMNTS and LendingClub revealed.
The report noted that although inflation is lower than in July, consumers are still facing rising costs:
People are looking for additional work
The report indicated that for some people, "supplemental income will continue to gain importance moving forward" and noted that a quarter of consumers have an additional job to make ends meet. In addition, 17% obtain supplementary income in other ways.
A February press release from LendingClub indicated that in January, 60% of Americans were living paycheck-to-paycheck (down 2% from today). The note also referred to data on credit card debt, detailing that the average consumer with this type of debt owes 35% of their savings.
However, this figure varied among different consumer groups. On average, those who live paycheck-to-paycheck and have trouble paying their bills have credit card debt that exceeds their available savings by more than 50%.
The survey polled 4,125 U.S. consumers from Feb. 7-23 and also took into account economic data from other sources.