Texas Rep. Kevin Brady reacts to Monday’s FBI raid and inflation-reducing bill that passed the Senate on “Kudlow.”
A larger proportion of Americans are living paycheck to paycheck, according to a report released Monday by LendingClub and PYMNTS.
The percentage of US consumers living paycheck to paycheck in December was 64%, according to the report. That number equaled about 166 million and marked a 3% jump year over year.
Man Using Calculator Accounting Calculating Expenses Economic Bills With Money Stack Step Growing Growth Saving Money At Home, Financial Concept (iStock / iStock)
As of December 2021, 61% lived like this, the report said.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
Conducted in partnership with PYMNTS, the report surveyed over 3,900 US consumers. The surveys took place from December 8th to 23rd.
Many consumers making over $100,000 a year, 51%, said they were living paycheck to paycheck last month, compared to 42% who said so at the same time last year, she also found. Of these, 16% reported difficulties paying their monthly bills.
NEARLY 70% OF AMERICANS STRUGGLE TO PAY FOOD BILLS, SURVEY FIND
The report showed that two-thirds of consumers making between $50,000 and $100,000 were living paycheck to paycheck in December, and over three-quarters (78%) of those making less than $50,000 said so too on.
Shot of a stressed young designer at work in the office (iStock / iStock)
Those percentages “remained relatively flat year-over-year,” LendingClub Corporation said in a press release.
| ticker | security | Last | To change | To change % |
|---|---|---|---|---|
| LC | LENDING CLUB CORP. | 9.70 | +0.23 | +2.37% |
Meanwhile, the report found that about 40% of paycheck-to-paycheck consumers said their outlook for their financial situation was rosy. Just over a quarter, 27%, said they expected it “to get worse”.
Inflation has been cited as the “most worrying factor” by around 75% of paycheck-to-paycheck consumers, as they expect their personal finances to experience some kind of decline this year, LendingClub Corporation said. Another popular reason was economic uncertainty.
INFLATION GAUGE, WATCHED WIDELY BY THE FED, COOLED IN DECEMBER BUT PRICES REMAIN HIGH
Although inflation is still painfully high, it showed some signs of cooling in December, as previously reported by FOX Business.
The consumer price index fell 0.1% month-on-month and rose 6.5% year-on-year, data released by the Labor Department in mid-January showed. The personal consumption spending index, favored by the Federal Reserve for measuring inflation, rose 0.1% from November and 5% from the same time last year.