Are most Americans struggling financially right now? (2024)

Are most Americans struggling financially right now?

After inflation, high interest rates, unattainable housing prices and other economic factors, 50 percent of U.S. adults say their overall personal financial situation is worse than it was in November 2020, according to October 2023 Bankrate

polling.

Is the average American struggling financially?

A slight majority of all Americans polled (54%) describe their household's financial situation as good, which is about the same as it's been for the last year but down from 63% in March of 2022. Older Americans are much more confident in their current finances than younger Americans.

How are most Americans doing financially?

Two-thirds (67%) of Americans say that they've cut back on spending, and almost half (45%) say they've put some life plans on hold. A third (35%) have dipped into their savings or investments. And almost two thirds (62%) say that even though they are able to pay their bills, they have little left over for “extras.”

Are Americans falling behind on bills?

The survey also found that 37% of Americans are behind on monthly bills, which jumps to 53% among parents with young children. Additionally, 61% reported that inflation has impacted their ability to afford their lifestyle. "Yes, inflation seems to have peaked, but it hasn't gone away," Schulz continued.

Are people struggling to pay their bills?

The percentage of Americans experiencing financial hardship steadily increased, reaching a new high of nearly 41 percent in October 2022. The census survey results did not meaningfully improve over the following year.

What percent of Americans live paycheck to paycheck?

How Many Americans Are Living Paycheck to Paycheck? A 2023 survey conducted by Payroll.org highlighted that 78% of Americans live paycheck to paycheck, a 6% increase from the previous year. In other words, more than three-quarters of Americans struggle to save or invest after paying for their monthly expenses.

Is it common to live paycheck to paycheck?

Key takeaways. Statistics vary, but between 55 percent to 63 percent of Americans are likely living paycheck to paycheck. Three in four Americans who earn less than $50,000 are living paycheck to paycheck, compared to roughly two in three of those making $50,000 to $100,000.

Why are so many Americans struggling?

Financial distress, for some, is at Great Recession levels

Americans are still paying more for household basics, such as groceries, which are 25% higher than prior to the pandemic, with more turning to credit cards to cope.

How many Americans don't have saving?

Nearly one in three (30 percent) people in 2023 had some emergency savings, but not enough to cover three months of expenses. This is up from 27 percent of people in 2022. Note: Not all percentages total 100 due to rounding. Also, nearly one in four (22 percent) U.S. adults said they have no emergency savings.

What is the most common income in us?

Average U.S. household income in 2022: $105,555

The average U.S. household income in 2022 was $105,555, while the median U.S. household income was $74,580. Adjusting for inflation, median household income dropped 2.2% from 2021 to 2022.

Are nearly 30 of Americans behind on debt payments?

After a sustained period of price hikes, it may not be easy to keep up with debt payments. In fact, according to the latest LendingTree study, 29.6% of Americans in the U.S.'s 100 largest metros were behind on at least one debt payment between July 1 and Sept. 30, 2023.

Are people not paying their credit cards?

Total credit card debt in the U.S. has reached a record high — but people are putting less money toward paying it down. Americans collectively hold $1.13 trillion in credit card debt as of the end of December, according to the Federal Reserve Bank of New York's latest Household Debt and Credit Report.

Why are so many Americans in credit card debt?

Higher prices have largely caused consumers to spend down their savings and lean on credit cards to make ends meet. Now, young adults, who are also burdened by high levels of student loan debt, are increasingly falling behind on the payments, the New York Fed found.

Are a lot of people struggling financially?

According to a recent Ramsey Solutions study, 34% of survey respondents indicated that they were either facing financial struggles or were actively in crisis. That's a huge percentage of people -- more than one-third of all respondents -- who are not feeling good about their personal finances.

How many Americans are behind on bills?

A new study released by LendingTree found 29.6% of residents in the nation's 100 largest metros were behind on at least one debt payment during the third quarter of 2023, and 27.3% had serious delinquencies that were over 90 days past due or more. More than a quarter, 26.2%, had debt in collections.

How many Americans are struggling with money?

Overall, 46% of Americans said they have not made any financial advances since inflation hit a historical high two years ago, according to the survey. Of those not making progress, 36% said they had fallen behind on savings or goals and 66% had no written financial plan.

Do most Americans live beyond their means?

Majority of Americans' Incomes Doesn't Exceed Their Expenses

Data from our survey revealed that 41% of respondents' incomes covered their expenses with nothing left over, meaning they're living paycheck to paycheck.

Does living paycheck to paycheck mean you have no savings?

Living paycheck to paycheck means you spend all your income on your monthly living expenses – like your rent or mortgage, utilities, groceries and transportation – and have little to no money left over.

How much do most Americans have in savings?

In terms of savings accounts specifically, you'll likely find different estimates from different sources. The average American has $65,100 in savings — excluding retirement assets — according to Northwestern Mutual's 2023 Planning & Progress Study. That's a 5% increase over the $62,000 reported in 2022.

How many millionaires live paycheck to paycheck?

So the answer to your specific question is no. A millionaire does not live paycheck to paycheck. Yes, many millionaires in the United States live paycheck to paycheck. According to a 2022 survey by LendingClub, 36% of millionaires said they live paycheck to paycheck.

How many people in the US make over 100k?

In 2022, over 34% of American households made over $100,000. This puts you in the top 24% of the US population.

What percentage of Americans make over 100k?

When it comes to the percentage of people making over $100k per year in the US, it's around 28%. 2. Now, regarding differences based on state or city, there can be variations. In some states or cities with higher costs of living or thriving industries, the percentage of people earning higher incomes might be higher.

What stresses Americans out the most?

Inflation was reported as a source of stress for the vast majority of adults (83%), and the majority of all adults also said the economy (69%) and money (66%) are a significant source of stress. Of those who said money is a source of stress, most said that stress is about having enough money to pay for basic needs.

Why do so many people live paycheck to paycheck?

More than half of Americans earning over $100,000 a year live paycheck to paycheck. So what's going on? Many experts point to a phenomenon called lifestyle inflation as one of the culprits. Lifestyle inflation, or lifestyle creep, is the pattern of spending a little more as a person's income increases.

How do I not live paycheck to paycheck?