The share of Americans who say they live paycheck-to-paycheck climbed last year, and most of the new arrivals in that category were among the country’s higher earners, a new study shows.
Some 64% of US consumers — equivalent to 166 million people — were living paycheck-to-paycheck at the end of 2022, according to the survey by industry publication Pymnts.com and LendingClub Corp.
That’s an increase of 3 percentage points from a year earlier, or 9.3 million Americans. And out of that group, some 8 million were people earning more than $100,000 a year. More than half of that income cohort said they lived paycheck-to-paycheck in December, up 9 percentage points from a year earlier.
The numbers likely reflect growing strain on household budgets after the cost of living surged, wages often failed to keep up, and pandemic savings got drawn down.