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Equality
EVEN ON $100,000-PLUS, MORE AMERICANS ARE LIVING PAYCHECK TO PAYCHECK
* Number reporting budget squeeze climbs 9.3 million, poll shows
* Most of the increase comes among relatively high earners
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Inflation-adjusted disposable incomes remain below their levels at the start of
the pandemic in 2020.
Photographer: Jeenah Moon/Bloomberg
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By Alexandre Tanzi
January 30, 2023 at 1:05 PM GMT+1
Updated on
January 30, 2023 at 2:57 PM GMT+1
Listen
2:30
The share of Americans who say they live paycheck-to-paycheck climbed last year,
and most of the new arrivals in that category were among the country’s higher
earners, a new study shows.
Some 64% of US consumers — equivalent to 166 million people — were living
paycheck-to-paycheck at the end of 2022, according to the survey by industry
publication Pymnts.com and LendingClub Corp.
That’s an increase of 3 percentage points from a year earlier, or 9.3 million
Americans. And out of that group, some 8 million were people earning more than
$100,000 a year. More than half of that income cohort said they lived
paycheck-to-paycheck in December, up 9 percentage points from a year earlier.
The numbers likely reflect growing strain on household budgets after the cost of
living surged, wages often failed to keep up, and pandemic savings got drawn
down.
‘PROSPECTS ARE CLOUDY’
This year may bring further pressure, with less than half of the survey
respondents saying they expect their incomes to keep pace with inflation.
“Prospects for consumer spending are cloudy,” said Lydia Boussour, senior
economist at EY Parthenon. “Elevated prices, eroded personal savings and
increased reliance on credit point to weak consumer spending this winter,” she
said. “These dynamics will be exacerbated by negative wealth effects from lower
stock prices and declining home values.”
Other indicators also point to some level of financial stress. The latest
University of Michigan survey showed that consumer sentiment, while it’s climbed
from 2022 lows, remains far below pre-pandemic levels. Fourth-quarter economic
growth data published last week highlighted a slowdown in household spending.
Inflation-adjusted disposable incomes remain below their levels at the start of
the pandemic in 2020, indicating that consumers have seen no real income gains
in three years, according to the Bureau of Economic Analysis.
The LendingClub report didn’t provide a definition for paycheck-to-paycheck,
which typically means that people rely entirely on their monthly incomes to meet
basic obligations and would be in immediate difficulty if income was
interrupted.
The label doesn’t necessarily mean that people are having trouble staying
current on debt payments, but the survey suggests that a growing number are. It
found that 24% of respondents had issues paying their bills in December. Among
those earning more than $100,000 and living paycheck-to-paycheck, the share rose
to 16% from 11% a year earlier.
The Pymnts.com and LendingClub study surveyed almost 4,000 people between Dec. 8
and Dec. 23.
(Updates with survey details in last paragraph. An earlier version corrected
that sentiment climbed from last year’s lows, not this year’s.)
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