• Even 42 percent of those earning more than $100,000 annually now live paycheck to paycheck
• “Unfortunately, this is not a good news podcast”
(Total Recorded Time is 20:55)
Living paycheck to paycheck is no longer just a problem for low-income Americans. Nor is it a problem that just pops up during recessions.
Living on the edge of the financial cliff is a daily experience for six out of ten Americans. And it’s a problem that crosses all income levels.
These grim statistics are found in an ongoing study by the San Francisco-based online bank LendingClub.
To find out more, we talk in this Bizgnus Podcast with LendingClub Financial Health Officer NIGH YAR Anuj Nayar.
“Unfortunately, this is not a good news podcast,” Mr. Nayar cautions.
To watch the Bizgnus interview, please click here:
The problem is so widespread, even 42 percent of U.S. consumers earning more than $100,000 annually now live paycheck to paycheck.
The only comparative good news is that the share of consumers living paycheck to paycheck remains below a high of 65 percent seen in December 2020. That figure was 54 percent in May 2021 and has been rising since then, hitting 61 percent in December 2021.
Seventy-seven percent of consumers who reported earning less than $50,000 per year lived paycheck to paycheck last December, up from 72 percent in May 2021. Meanwhile, 66 percent of those who reported earning between $50,000 and $100,000 now live paycheck to paycheck — a 13 percentage point increase from May 2021.
“With more than three in five Americans now living paycheck to paycheck, this reality is impacting every income bracket across every generation – a trend which we've only seen increase since May 2021,” says Mr. Nayar.
The report is based on a census-balanced survey of 3,070 U.S. consumers conducted from Dec. 2, 2021, to Dec. 14, 2021, as well as an analysis of other economic data, according to LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank.
Bizgnus reports, writes, edits and publishes business news in online, broadcast and printed publications.
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Opinions are those of our guests. Bizgnus never endorses the viewpoints, products or services of its guests, who are selected based on their knowledge and experience.
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