Study finds six-figure earners also living paycheck-to-paycheck

In 2022, the economy proved as volatile as ever, with less disposable income and greater unpredictability. 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. A new study found that more people are having to spend all their income on necessities, and they are counting on their next salary to meet the costs they’ll incur until then. Researchers discovered that many people of higher socioeconomic status have had their first taste of living paycheck to paycheck this year. While researchers found that most paycheck-to-paycheck consumers can pay their bills on time, one in every five Americans still require assistance to make ends meet. Research conducted by Pymnts.com and LendingClub Corp. revealed that by the end of the year, 64 percent of American customers (166 million individuals) will be living paycheck to paycheck. That represents a rise of 3 percent from a year ago, or 9.3 million additional people in the United States. Almost 8 million of them made $100,000 or more per year. By the end of 2022, 51 percent of people in that income bracket reported that they...