Millions of Americans are feeling the pressure of inflation.
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.
“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.