Almost 75% of millennials live paycheck to paycheck: Report
Majority of Millennials Living Paycheck to Paycheck, Survey Finds
Are you a millennial struggling to make ends meet? You’re not alone. According to a recent survey of over 3,000 Americans, 73.2% of millennials are living paycheck to paycheck. Financial services company LendingClub and financial news outlet PYMNTS published the “New Reality Check: The Paycheck-to-Paycheck Report” which found that this percentage was 13 points higher than the overall average of 60%.
Why Are Millennials Struggling?
- 37% reported that their paycheck only covered their essentials
- 31% pointed to the dependents in their households
- Over 70% of millennials live with a partner or spouse, and an additional 60% live with children or grandchildren
- Less than 20% reported they make up their entire household income, while over 80% reported they make up more than half of the entire income
Despite these challenges, millennials have managed to increase their savings from an average of $7,300 last year to $11,000 this year. However, 72% claimed they experienced a moment of financial distress within the last three years.
Other Generations Also Struggling
It’s not just millennials who are living paycheck to paycheck. The survey found that 65.5% of Generation Z consumers and 64.2% of Generation X are also struggling, with only 49.5% of baby boomers and older among those doing the same.
Inflation and Financial Distress
It’s worth noting that during the same month the survey was taken, inflation fell to a 4.2% annual rate according to the Federal Reserve. However, this doesn’t change the fact that many Americans are still experiencing financial distress.
If you’re struggling to make ends meet, know that you’re not alone. It’s important to seek out resources and support to help you navigate these challenges.
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