According to the Bureau of Labor Statistics’ Consumer Price Index, inflation in the United States peaked at 9.1 percent in July 2022 and dropped to 7.1 percent by November 2022.
Research conducted by Pymnts.com and LendingClub Corp. revealed that by the end of the year, 64 percent of American customers will be living paycheck to paycheck.Almost 8 million of them made $100,000 or more per year. The researchers determined that living paycheck to paycheck is currently the norm in the United States.
From July 2021 to November 2022, the percentage of high-income customers who reported living paycheck to paycheck increased from 34 percent to 47 percent. When asked why they were having trouble making ends meet, 18% of middle-income consumers and 33% of low-income consumers said it was because of their income level.
Source: Financial Digest (financialdigest.net)
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