58% of All Americans Are Stuck in a Common Financial Trap, Survey Reveals — Are You One of Them? And it's not just lower-income households facing the problem.

By Amanda Breen

Jamie Grill | Getty Images

Millions of Americans are feeling the pressure of inflation.

Today, more than half, or 58%, are living paycheck to paycheck, per the CNBC Your Money Financial Confidence Survey, CNBC reported.

Related: Survey: A Majority of Americans Are Living Paycheck to Paycheck

Additionally, about 70% of the people surveyed who reported living paycheck-to-paycheck admitted to feeling stressed about their finances and cited inflation, economic uncertainty, and rising interest rates as primary factors, the survey revealed.

It's not just lower-income households that are under strain, either: According to CNBC's survey, one-third of people with household incomes in the six figures describe themselves as living paycheck to paycheck.

Last summer, The New York Times reported that one-third of people earning $250,000 or more a year are living paycheck to paycheck, citing a study by the lending marketplace LendingClub.

Most Americans lack emergency funds, which can help cushion unexpected financial blows, too, and of those who have set money aside, 40% say they have less than $10,000 in reserve, per the survey.

Related: 60% of Americans Are Living Paycheck to Paycheck, Report Says

"Consumers across the income spectrum carry massive credit card balances and with interest rates for debt growing, outstanding debt balances could equal all paycheck-to-paycheck consumers' savings balances in the next five years," Anuj Nayar, financial health officer at LendingClub, said in a February report.

Amanda Breen

Entrepreneur Staff

Features Writer

Amanda Breen is a features writer at Entrepreneur.com. She is a graduate of Barnard College and received an MFA in writing at Columbia University, where she was a news fellow for the School of the Arts.

Editor's Pick

Related Topics


Discover Your New Favorite Show or Movie with This App, Now $39.99 for Life

Think of this app as your very own, personalized guide to streaming film and TV.

Business News

McDonald's Is Making a Major Change to Its Burgers in 2024

The beloved Big Mac will also be getting a big makeover.

Growing a Business

Serial Entrepreneur Turned VC Reveals 4 Numbers You Need to Know to Scale Your Company

If you're looking to attract investment or simply seeking to scale your business, there are four key numbers you should use as your guiding light.

Thought Leaders

3 New Ways to Develop Laser-Like Focus

To boost focus in the face of distractions, you need a new approach to success.

Business Ideas

55 Small Business Ideas to Start in 2023

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2023.