Living paycheck to paycheck is not a new phenomenon, but inflation is making it harder for many Americans to save money for the future or even for small emergen
cies.revealed that most employees are taking the right steps financially — working overtime, budgeting and trying to make ends meet."Many of them are working overtime, they are budgeting, trying hard to make ends meet with their finances," said Bankrate analyst Sarah Foster.
Regionally, workers in the South and Midwest are more likely to report living paycheck to paycheck. This trend is particularly pronounced among lower-income Americans and Generation X. Hispanic and Black workers are more likely to feel this financial strain compared to their white counterparts. Divorced workers are the group most likely to feel the squeeze of living paycheck to paycheck, even more so than single workers."I think divorced workers come to mind because they are still used to living in a way where they were splitting expenses," Foster said. "Many might be older, already have children, a lot of those factors could be why they are living paycheck to paycheck and of course the cost of getting divorced could extend to it as well.
Ironically, current workers have seen some of the biggest wage increases since the early 2000s, either through raises or by finding better jobs. However, these pay increases have not kept pace with recent surges in inflation. On a positive note, inflation has slowed considerably from its peak of 9 percent to 3 percent. Additionally, unemployment remains low, giving workers the leverage to ask for raises or find better job opportunities.
Inflation Workers Living Financial Bankrate Budgeting Overtime
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