"Living Paycheck To Paycheck Statistics 2024"
By Emily Batdorf
Excerpt: "As living expenses in the U.S. continue to rise and wages struggle to keep up, it’s unsurprising that Americans of all generations are having a hard time financially. For many, this means living paycheck to paycheck. But what does it really mean to live paycheck to paycheck, and what underlying factors are driving this trend?
The term “living paycheck to paycheck” gets thrown around a lot when talking about money. But what does it mean? For the purposes of this survey, living paycheck to paycheck describes a financial scenario in which an individual or family’s income barely covers essential living expenses like housing, utilities, groceries and transportation. One missed paycheck would put someone living paycheck to paycheck in a difficult spot. When you’re living paycheck to paycheck, it’s difficult or impossible to save, let alone invest. This makes you even more vulnerable in times of emergency or lost income.
How Many Americans Are Living Paycheck to Paycheck? A 2023 survey conducted by Payroll.org highlighted that 78% of Americans live paycheck to paycheck, a 6% increase from the previous year. In other words, more than three-quarters of Americans struggle to save or invest after paying for their monthly expenses. Similarly, a 2023 Forbes Advisor survey revealed that nearly 70% of respondents either identified as living paycheck to paycheck (40%) or - even more concerning - reported that their income doesn’t even cover their standard expenses (29%)."
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