Is Inflation Taking A toll On Your Paycheck?

Submitted by Anonymous (not verified) on Tue, 10/04/2022 - 2:37pm

Is Inflation Taking A toll On Your Paycheck?

Many of us are feeling the effects of inflation. As of August, 60% of Americans were living paycheck to paycheck, according to one report. With inflation at 40-year highs, workers across all income levels are having a harder time making ends meet. Even top earners say they are stretched thin, the report found. Of those earning $250,000 or more, 30% are living paycheck to paycheck.

New Study: 60% of US Consumers Have Cut Spending Due to Inflation 

For “New Reality Check: The Paycheck-To-Paycheck Report,” a collaboration with LendingClub, PYMNTS surveyed 3,495 US consumers to explore how inflation has impacted consumer spending. Among our findings: 55% have limited spending capacity, 49% have shifted their shopping preferences, and 66% of those living paycheck to paycheck have cut spending, with notable differences reported among rural and urban consumers.

Inside the September Report

28%: Share of consumers earning more than $200,000 who live paycheck to paycheck
59%: Share of paycheck-to-paycheck consumers with issues paying their monthly bills that noted significant rises in prices for utilities in the past 12 months
48%: Share of consumers living paycheck to paycheck with issues paying bills who pay for health insurance

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