• 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.
We have published unbiased, unfiltered and in-depth interviews with business and other thought leaders since 2005.
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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