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60% of Americans live paycheck to paycheck, report says

As inflation continues to rise and the holiday season arrives, it’s no secret that Americans are spending a lot more.

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A new survey even sheds light on how much we spend.

According to research by Lending clubthat surveyed 3,495 U.S. consumers, a whopping 60% of Americans are living paycheck to paycheck as of October 2022, an increase of nearly 4% from the previous year.

Inflation has hit even the highest earners in the country: 28% of surveyed consumers who earn more than $200,000 also say they live paycheck to paycheck. In addition, 49% of all respondents said they needed to adjust their shopping preferences.

Related: Turkey prices may reach record highs this Thanksgiving

Unfortunately, it doesn’t look like things will return to normal any time soon, but there are signs that spending may be slowing down.

Recent reports suggest wholesale prices up 8% year-on-year last month. Although there was an increase, this is the smallest increase since July 2021, indicating better-than-predicted inflation numbers.

Average hourly wage also increased by 0.4% month on month in October, although the unemployment rate increased by 3.7% over the same period.

As the holiday shopping season approaches, it remains to be seen how Americans’ wallets will be affected.

Shreya has been with australiabusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider australiabusinessblog.com, Shreya seeks to understand an audience before creating memorable, persuasive copy.

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