It should come as no surprise that the majority of American adults are living paycheck to paycheck, according to a new report from LendingClub. The report shows that as of October, a whopping 60% of adults in the United States are living paycheck to paycheck.
“One month before the start of the holiday season, 60% of consumers lived paycheck to paycheck, with 19% struggling to pay their monthly bills. This also includes 42% of high-income and 76% of low-income consumers,” LendingClub explains in its report.
“These shares are virtually unchanged from last year, indicating that consumers have adjusted to the current economic environment,” the report continues. “Overall, 4 in 10 consumers consider themselves worse off relative to 2022, while 62% are very or extremely concerned about the economic outlook and 58% are still seeing inflation exceed growth in their paychecks.”
Naturally, consumers have lowered their expectations ahead of the 2023 holiday season. According to the report, “The share of consumers planning to make holiday purchases is slightly down compared to a year ago, and several indicators point toward a more conservative stance on…
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