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The Number of Consumers Living Paycheck to Paycheck Has Increased Year-Over-Year
Posted on 8/4/22 at 10:17 pm
Posted on 8/4/22 at 10:17 pm
Read Here
quote:
In June 2022, 61% of Americans were living paycheck to paycheck, up from a low of 52% in April 2021 and 55% in June 2021.
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Average savings dropped $517 from $11,724 in May 2022 to $10,757 in June 2022.
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The biggest rise in paycheck-to-paycheck consumers was in consumers earning between $100,000 and $150,000, up 11 percentage points from May 2022 to 52% in June 2022.
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The average consumer stores 11% of their savings in either stocks or bonds, yet half of all stockholders reported that their portfolios recently lost value in the last three months.
quote:
An estimated 33.5 million — or 13% — of U.S. consumers spent more than they earned in the past six months.
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Posted on 8/4/22 at 11:02 pm to pioneerbasketball
How many loans does it take to be living paycheck to paycheck with a salary over 200k?
Posted on 8/4/22 at 11:40 pm to pioneerbasketball
People gotta have their pools!
This post was edited on 8/4/22 at 11:41 pm
Posted on 8/5/22 at 3:30 am to pioneerbasketball
People wanna complain about a living wage, and I get it. But the things people include in “needs” for a living wage are absurd, which is why people making $200k are still paycheck to paycheck. It’s a spending problem and not living within your means
Posted on 8/5/22 at 5:22 am to pioneerbasketball
quote:
estimated 33.5 million — or 13% — of U.S. consumers spent more than they earned in the past six months.
What is included in “earned”? Handouts too?
That number seems really low with prices of everything.
Posted on 8/5/22 at 5:30 am to Upperdecker
Which is why poor people have iPhones. They think stuff like that are basic needs
Posted on 8/5/22 at 5:50 am to pioneerbasketball
Folks have to have $70k trucks, swimming pools, boats, and a designer wardrobe!!!
Posted on 8/5/22 at 7:30 am to Golgi Apparatus
quote:
How many loans does it take to be living paycheck to paycheck with a salary over 200k?
A huge mortgage and 2 cars would do it, maybe add in private school for 2 kids and credit card debt for consumer spending.
Also, it's unclear what "paycheck to paycheck" means for this study. Is someone who is saving a good amount for retirement and then spending all income after that living "paycheck to paycheck," or just budgeting?
Posted on 8/5/22 at 8:10 am to pioneerbasketball
quote:
half of all stockholders reported that their portfolios recently lost value in the last three months.
Did the other half just not look?
quote:
An estimated 33.5 million — or 13% — of U.S. consumers spent more than they earned in the past six months.
Posted on 8/5/22 at 8:13 am to Upperdecker
quote:
which is why people making $200k are still paycheck to paycheck
Could also depend on who is answering the question. If you ask my wife, she'll probably agree that we're paycheck-to-paycheck, or at least very close. But the reality is, the reason it's close for us is we both max out retirement accounts, have funds direct deposited in savings accounts, have funds automatically pulled into the kids UTMA accounts, automatic withdrawal into brokerage accounts...
Posted on 8/5/22 at 8:17 am to pioneerbasketball
Idk why y’all always bash people living paycheck to paycheck
They got a better truck than you, bigger house than you, their old lady got fresh nails and lip filler, their kid is swinging that new marucci while yours is sitting on the bench, they eating better on that ebt card than you and once that eitc comes in they’re gonna get that new 4 wheeler that you don’t have
And they don’t even have to worry about the stock market
It really isn’t fair
They got a better truck than you, bigger house than you, their old lady got fresh nails and lip filler, their kid is swinging that new marucci while yours is sitting on the bench, they eating better on that ebt card than you and once that eitc comes in they’re gonna get that new 4 wheeler that you don’t have
And they don’t even have to worry about the stock market
It really isn’t fair
Posted on 8/5/22 at 8:31 am to pioneerbasketball
My electric bill has almost doubled. For, gas, everything else……. I’m not surprised.
Posted on 8/5/22 at 8:55 am to Weekend Warrior79
quote:
Did the other half just not look?
Posted on 8/5/22 at 9:03 am to pioneerbasketball
quote:
The biggest rise in paycheck-to-paycheck consumers was in consumers earning between $100,000 and $150,000, up 11 percentage points from May 2022 to 52% in June 2022.
Posted on 8/5/22 at 9:05 am to Golgi Apparatus
quote:
How many loans does it take to be living paycheck to paycheck with a salary over 200k?
Nauseating (slightly more than) 1/3 of the people making over 200k live paycheck to paycheck.
You have to really try hard to be bad with finances to pull that off. I mean multiple luxury leased cars, house you cant afford, memberships out the wazoo, etc...
Keep in mind, nobody has had to make student loan payments for over 2 years now...and this is where we're at with people living paycheck to paycheck.
This country has absolutely screwed itself over in terms of kicking back on student loan payments. It's going to crush the economy because people have gotten so used to not paying them.
This post was edited on 8/5/22 at 9:14 am
Posted on 8/6/22 at 6:52 am to Upperdecker
quote:
It’s a spending problem and not living within your means
It’s an oxymoron of our country. We criticize people for not saving. But we are also a completely consumer driven economy and want people to buy things so more people have jobs.
One of the posts above talks about 4 wheelers, and nails and food and boats and stuff. While facetious, those are all multimillion dollar industries.
I’m not saying people aren’t bad at budgeting or that they shouldn’t be saving. Just that it’s not really an American value to do so.
Posted on 8/6/22 at 7:18 am to DawgCountry
quote:
Which is why poor people have iPhones. They think stuff like that are basic needs
I see all these justifications for a “living wage” of like $20-25, and these people start listing their personal expenses as if their own expenses are justification for a higher wage. Getting a 1BR1BA in downtown San Fran with a car, a new iPhone and unlimited data, high speed internet, coffee from Starbucks every morning, etc
Posted on 8/6/22 at 9:17 am to Upperdecker
One thing to remember is that people vocation over the summer. Of course I spend more during the summer specifically June and July because I go on one week long vocation in June and one in July. I never charge anything so according to my accounts I saved less money those two months.
Posted on 8/6/22 at 9:51 am to thunderbird1100
quote:
Keep in mind, nobody has had to make student loan payments for over 2 years now.
Not to argue with your general point, but only public student loans are in deferral. Many people in this income bracket have likely refinanced into private loans and are still making payments.
Posted on 8/6/22 at 11:22 am to thunderbird1100
Unless how the individual responding is defining “paycheck to paycheck”…as in, maxing 401K contributions and therefore there isn’t anything left over each month in take home. We’ve discussed it a bunch on this site but that’s not what is inferred by the P2P described here.
I struggle to see someone being P2P at $200K+ gross annually without some odd exception…super high housing cost, medical issue, alimony, 4+ kids, et al would need to be in play.
I struggle to see someone being P2P at $200K+ gross annually without some odd exception…super high housing cost, medical issue, alimony, 4+ kids, et al would need to be in play.
This post was edited on 8/6/22 at 11:25 am
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