Over half of American six-figure earners are still living paycheck to paycheck

Per NY Post

A recent report found that over half of American six-figure earners live paycheck to paycheck. To be specific, 51% of respondents earning at least $100,000 shared that they lived paycheck to paycheck.

LendingClub and Pymnts conducted the survey, taking into account the answers of 3,989 US participants from Dec 8 to Dec 23, 2022. Out of the sample size, 51% of respondents identified as female, with 36% earning over $100,000 annually.

In 2021, only 42% of consumers earning $100,000 or more per year said they were living paycheck to paycheck. Those earning $50,000 to $100,000 annually saw 66% living paycheck to paycheck and 78% for those earning below $50,000.

Living paycheck to paycheck meant the individuals were having difficulty paying monthly bills. The percentage of high-income earners struggling to live paycheck-to-paycheck reportedly sat at 16%.

This was a 5% increase compared to the 11% reported in 2021. Anuj Nayar, the financial health officer at LendingClub, gave a statement regarding the effects of inflation on Americans.

"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,"

64% of Americans live paycheck to paycheck in 2022, an increase from the 42% reported in 2021. Out of the survey, 55% of consumers that didn't buy a car in 2022 said they would not do the same this year.

This comes at a time when the median price for buying a home in the US would require a person to make $107,000 annually. In 2022, the average person in the US only needed to earn $74,000 to purchase the median-priced home.

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The New York Post

LendingClub

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