NEW YORK—In what is likely little surprise to many, more Americans are reporting they are living paycheck to paycheck as inflations drives up costs in every aspect of everyday life.
As of November, 63% of Americans were living paycheck to paycheck, according to a monthly LendingClub report — up from 60% the previous month and near the 64% historic high hit in March, CNBC reported.
Even high-income earners are under pressure, LendingClub found. Of those earning more than six figures, 47% reported living paycheck to paycheck, a jump from the previous month’s 43%.
‘Cash-Strapped’
“Americans are cash-strapped and their everyday spending continues to outpace their income, which is impacting their ability to save and plan,” said Anuj Nayar, LendingClub’s financial health officer.
Although consumer prices rose less than expected in November, persistent inflation has caused real wages to decline, CNBC noted.
“Real average hourly earnings are down 1.9% from a year earlier, according to the latest reading from the U.S. Bureau of Labor Statistics,” CNBC said.
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