Millions of Americans are feeling the pressure of inflation.
Today, more than half, or 58%, are living paycheck to paycheck, per the CNBC Your Money Financial Confidence Survey, CNBC reported.
Related: Survey: A Majority of Americans Are Living Paycheck to Paycheck
Additionally, about 70% of the people surveyed who reported living paycheck-to-paycheck admitted to feeling stressed about their finances and cited inflation, economic uncertainty, and rising interest rates as primary factors, the survey revealed.
It’s not just lower-income households that are under strain, either: According to CNBC’s survey, one-third of people with household incomes in the six figures describe themselves as living paycheck to paycheck.
Last summer, The New York Times reported that one-third of people earning $250,000 or more a year are living paycheck to paycheck, citing a study by the lending marketplace LendingClub.
Most Americans lack emergency funds, which can help cushion unexpected financial blows, too, and of those who have set money aside, 40% say they have less than $10,000 in reserve, per the survey.
Related: 60% of Americans Are Living Paycheck to Paycheck, Report Says
“Consumers across the income spectrum carry massive credit card balances and with interest rates for debt growing, outstanding debt balances could equal all paycheck-to-paycheck consumers’ savings balances in the next five years,” Anuj Nayar, financial health officer at LendingClub, said in a February report.
