According to a LendingClub report, 60% of Americans are living paycheck to paycheck.
Even high-income earners are stretching their wallets. 45% of people earning more than six figures said they are living paycheck to paycheck in comparison to 38% the previous year.
Record high inflation rates are a big contributing factor to the low financial stability Americans are experiencing. A Bank of America report found that 71% of Americans feel that their paycheck isn’t on par with the rapidly rising cost of living.
Many Americans are dipping into their savings accounts to keep up with costs, making them more financially vulnerable. Meanwhile, the Federal Reserve is working to quell inflation with a series of rate hikes.
The news is certainly a cause for concern but maybe it will finally prove to Boomers that we Millennials aren’t in this financial crisis because of the money we’ve spent on avocado toast.