60% of Americans Are Living Paycheck to Paycheck, According to a New Report A new survey is shedding light on just how much Americans are spending these days. Spoiler alert: It's a lot.
By Emily Rella Edited by Brittany Robins
Opinions expressed by BIZ Experiences contributors are their own.
As inflation continues to soar and the holiday season rolls in, it's no secret that Americans are spending at a much higher rate.
In fact, a new survey is shedding light on just how much we're spending.
According to research from Lending Club, which surveyed 3,495 American consumers, a whopping 60% of Americans are living paycheck to paycheck as of October 2022, up nearly 4% from the year prior.
Inflation has even affected top earners in the country, with 28% of consumers surveyed who earn over $200,000 also saying that they are living paycheck to paycheck. What's more, 49% of all respondents said that they have had to shift their shopping preferences.
Related: Turkey Prices Could Hit Record Highs This Thanksgiving
Unfortunately, it doesn't appear that things will be reverting back to normal anytime soon — but there are signs that expenses may be slowing down.
Recent reports suggest wholesale prices rose by 8% last month in a one-year period. While there was an increase, it's the smallest jump since July 2021, indicating better-than-predicted inflation rates.
Average hourly wages also rose 0.4% in October month-over-month, though the unemployment rate rose by 3.7% in the same time period.
With holiday shopping season drawing closer, it remains to be seen how Americans' wallets will be impacted.
