As inflation continues to rise, a growing number of Americans are living paycheck to paycheck, according to CNBC.
As of September, 63% of Americans are currently living paycheck to paycheck, the news outlet said, citing a newly released LendingClub report. That is a six percent increase from last September.
The rising costs are also making it harder for people earning six-figure salaries to get by. The report noted that 49% of that group reported they were living paycheck to paycheck, an 11% increase from last year.
For many people, even working two jobs isn’t enough to earn a comfortable living. Of the Americans living paycheck to paycheck, 26% work for at least two different jobs.
“Being employed is no longer enough for the everyday American. Wage growth has been inadequate, leaving more consumers than ever with little to nothing left over after managing monthly expenses,” Anuj Nayar, LendingClub’s Financial Health Officer, said.
“With inflationary pressures not expected to subside anytime soon, living paycheck to paycheck has become the norm,” he added.
“Many are pessimistic about their odds of increasing their paycheck by switching jobs, and some households will become more vulnerable to swings in labor market conditions. This could cause many to struggle with the upcoming Holiday season.”