Inflation in the US is rising, and 64% of Americans live paycheck to paycheck

Inflation is intensifying in the United States, and the prices of daily necessities are becoming more and more expensive. These increased costs of living are making it difficult for families to make ends meet .

According to foreign media reports, two-thirds of Americans currently live on salary alone. As the cost of living increases, workers are trying every possible way to make ends meet. It is reported that as inflation in the United States intensifies, its wage level is also rising to a certain extent, but the rate of wage increase is far behind the rate of increase in living costs. The cost of living in the United States is increasing at the fastest annual rate in 40 years.

"Average wages in the U.S. have risen 5.1% over the past year , but that 's lagging the pace of inflation, " said Mark Hamrick, senior economist at Bankrate.com. " Surging commodity prices are weighing on consumer confidence . "

After surveying more than 2,600 adult consumers , LendingClub found that the number of consumers living paycheck to paycheck has been steadily increasing since April 2021. In January 2022 , this proportion was 64%, 12 percentage points higher than in April 2021.

Data shows that among consumers with annual incomes of more than $100,000, 48% say they are living on meager incomes. The proportion of people living paycheck to paycheck is also rising among those with incomes between $50,000 and $100,000.

In May 2021, 53% of middle-income consumers were living paycheck to paycheck . By January 2022, the proportion had risen to 67 %.

“We ’re seeing the cost of everything skyrocket right now ,” said Anayar, financial health officer at LendingClub. “ Especially the cost of gas and groceries , which are hitting households hard . You have to eat, you have to commute , and those are not discretionary expenses. ”

It is reported that in San Francisco, a family of four with a household income of less than $120,000 is considered a low-income family. According to another report from financial services website Personal Capital, Americans now need to earn about $122,000 a year to feel financially secure, which is more than twice the current average salary in the United States.

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