More Than Half of Americans Are Now Living Paycheck to Paycheck -- Even the Country's Wealthiest
A new report shows the grim reality of Americans living through inflation.
Inflation has affected nearly every American, forcing many to put off purchasing big-ticket items and focus only on the essentials. For some people, it has affected how they live their daily lives.
According to new data from PYMNTS and LendingClub, nearly two-thirds of Americans (around 157 million people) are living paycheck to paycheck. In April of this year alone, there was a nearly 9% increase (up to 61% for 52%) in those adopting this financial lifestyle.
The report found that inflation does not discriminate amongst tax brackets, either, as the report found that even one in three upper-middle-class Americans who make over $250,000 a year are currently living paycheck to paycheck.
Though the results are startling, they are not surprising.
Restaurants have even begun adding "inflation" fees onto customers' checks, making the simple pleasure of going out to eat something that's no longer affordable for many Americans.
The Bureau of Labor Statistics found that wholesale food prices are up an estimated 17% in the past year hitting nearly a 50-year record high.
With economic issues seemingly persisting into the fall, it's difficult to say whether or not the damages of inflation on Americans' bank accounts will be mitigated any time soon.
Entrepreneur Editors' Picks
When Her Parents' Restaurant Burned Down, This First-Generation Founder's Hot Sauce Brand Rose From the Ashes to Take on Corporate Giants
Not Hitting Your Goals? Here's How to Know If You Should Change Tactics or Strategy.
You Can Generate Your Own Viral LinkedIn Post With This Hilarious Tool
This Couple Lost Everything When the Housing Market Crashed. But Manifesting 'Magic' Helped Them Launch a Metaphysical Brand With 10 Stores.
The Best Software Solutions and Tech Providers in the Franchising Industry
This 18-Year-Old Student Wanted a Better Way to Keep Track of His School Work. So He Built an App — and a Business.