Inflation is making harder for even the wealthiest Americans to make ends meet.
More than half of Americans earning six-figure salaries admitted they were living paycheck to paycheck last year as high inflation slammed households, according to an alarming study released this week.
Overall, a whopping 64% of US consumers – the equivalent of 166 million Americans – said they were living on razor-thin budgets each month. That was up from 61%, or about 9.3 million, compared to the previous year’s findings. “The effects of inflation are eating into every American’s wallet and as the Fed’s efforts to curb inflation drive up the cost of debt, we are seeing near record numbers of Americans living paycheck to paycheck,” said Anuj Nayar, financial health officer at LendingClub.
The share of Americans who said they were having trouble covering their bills jumped to 24% in December, up 2% compared to the same month one year earlier, according to the survey.Within the six-figure income bracket, 16% said they were struggling to pay their bills.
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