When you’re living paycheck to paycheck, that time in between your paydays can feel like an eternity. Those folks aren’t worried about not having emergency savings, they’re just trying to scrape together enough to pay rent, the electric bill and groceries. But new research suggests some people have it even worse.
According to a new survey of 2-thousand American workers who are paid by the hour, 40% would consider living paycheck to paycheck an improvement from their current financial situation.
- In the last month alone, 44% have overdrafted their bank accounts.
- Just over a third (38%) currently have less than $1,000 in their bank account and 19% have taken out a loan in the last year just to make ends meet.⠀
- But it’s not like they’re not trying, a third (34%) even have more than one job to try to keep the money coming in, but sometimes that still isn’t enough.
- People admit to doing some extreme things to make more money, like, “I recently sold my shoes and my PS5 to create an extra source of income,” and “I have gone dumpster diving looking for things to sell.”
- Overall, 32% have struggled to pay bills on time in the last year and 29% have gotten a “past due” notice about a bill.
- Another 28% have had to borrow money from friends or family to get by.
- Between paychecks, some have canceled subscriptions (38%) in an effort to save, or not buy literally anything at all until they got paid again (31%).
- So, it’s not surprising that half feel like their financial health is out of their control.
Source: Talker
Scott's Thoughts:
- Not spending by choice is a good thing, but when you CAN’T spend? Not so much!
- My salary has never caught up with inflation. Especially the last 5 years.
- I don't see how some people afford to live.