Unrelenting inflation is driving up prices, leaving extra Individuals dwelling paycheck to paycheck. Inflation has been inflicting financial hardship for staff throughout all earnings ranges. As of June, 61% of Individuals — roughly 157 million adults —lived paycheck to paycheck, in accordance with a brand new LendingClub report. That’s up from 58% who reported dwelling paycheck to paycheck in Might. A yr in the past, the variety of adults who felt stretched too skinny was 55%. CNBC experiences:
Even prime earners have been struggling to make ends meet, the report discovered. Of these incomes $200,000 or extra, 36% reported dwelling paycheck to paycheck, a soar from the earlier month.
One other latest survey, from consulting agency Willis Towers Watson, estimated 36% of these incomes $100,000 or extra stated they have been dwelling paycheck to paycheck.
Taken collectively, this information reveals Individuals are shelling out extra to cowl their month-to-month bills, making it more and more troublesome to make ends meet. Consequently, they’re dipping into their money reserves and practically half are falling deeper in debt.
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