SAN FRANCISCO–More than a third of Americans earning at least $250,000 annually say they are living paycheck to paycheck.
Thirty-six percent of those households, which are earning four times the median U.S. salary, reported they are spending nearly all of their income on household expenses, according to a survey conducted by Pymnts.com and LendingClub.
The survey found that among those who reported they were living paycheck to paycheck while earning a quarter-million dollars or more annually were a significant number of Millennials, a generation that is now in its mid-20s to early 40s.
More than half of top earners in the Millennial generation reported report they had little money left at the end of each month.
According to U.S. Census Bureau data, the $250,000-plus income bracket roughly represents the top 5% of earners in the country.
Doesn’t Always Mean Hardship
In releasing the findings LendingClub stressed that living paycheck-to-paycheck doesn’t necessarily mean hardship, and the survey makes a distinction between those can pay their bills easily and those who can’t. Just one-in-10 reported issues covering all their household expenses in April, the survey found.
Among all consumers surveyed, 61.3% reported living paycheck-to-paycheck in April, a nine percentage-point increase from a year earlier, LendingClub reported.
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