{"id":12468,"date":"2023-08-17T11:38:56","date_gmt":"2023-08-17T11:38:56","guid":{"rendered":"https:\/\/isafespend.com\/news\/heres-why-americans-cant-stop-living-paycheck-to-paycheck\/"},"modified":"2023-08-17T11:38:57","modified_gmt":"2023-08-17T11:38:57","slug":"heres-why-americans-cant-stop-living-paycheck-to-paycheck","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=12468","title":{"rendered":"Here’s why Americans can’t stop living paycheck to paycheck"},"content":{"rendered":"
<\/span><\/p>\n
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For many Americans, payday can’t come soon enough. As of June, 61% of adults are living paycheck to paycheck, according to a LendingClub report. In other words, they rely on those regular paychecks to meet essential living expenses, with little to no money left over.<\/p>\n

Almost three-quarters, 72%, of Americans say they aren’t financially secure given their current financial standing, and more than a quarter said they will likely never be financially secure, according to a survey by Bankrate.<\/p>\n

“There are actually millions of people struggling,” said Ida Rademacher, vice president at the Aspen Institute. “It’s not something that people want to talk about, but if you were in a place where your financial security feels superprecarious, you’re not alone.”<\/p>\n

This struggle is nothing new. Principal Financial Group found in 2010 that 75% of workers were concerned about their financial futures. What’s more, since 1979, wages for the bottom 90% of earners had grown just 15%, compared with 138% for the top 1%, according to a 2015 Economic Policy Institute report. But there’s now a renewed focus on wage-earner anxiety amid higher inflation and rising interest rates.<\/p>\n

More from Personal Finance:<\/strong>
Americans think they need a $233,000 salary, nearly $1.3 million for retirement
Why Americans are struggling with car loans
Majority of parents spend 20% or more of household income on child care<\/p>\n

The typical worker takes home $3,308 per month after taxes and benefits, based on the latest data from the U.S. Bureau of Labor Statistics. But when you take a look at the cost of some of the most essential expenses today, it’s easy to see why consumers feel strained.<\/p>\n

The median monthly rent in the U.S. was $2,029 as of June, according to Redfin. That amount already accounts for about 61% of the median take-home pay.<\/p>\n

Meanwhile, the Council for Community and Economic Research reported that the median mortgage payment for a 2,400–<\/strong>square-foot house was $1,957 per month during the first quarter of 2023, which accounts for about 59% of the median take-home pay.<\/p>\n

“Inflation is really hurting individuals having stability in their housing,” said certified financial planner Kamila Elliott, co-founder and CEO of Collective Wealth Partners in Atlanta. She is a member of CNBC’s Financial Advisor Council. “If you have uncertainty in your housing, it causes uncertainty everywhere.”<\/p>\n<\/div>\n

\n

Combine that with the average $690.75 Americans spend each month on food and out-of-pocket health expenditures that cost the average American $96.42 monthly, and you get a total expense of $2,816.17 for renters and $2,744.17 for homeowners.<\/p>\n

That amount already accounts for just over 85% of the median take-home pay for average American renters and almost 83% for an average homeowner. This is excluding other essential expenses such as transportation, child care and debt payments.<\/p>\n

“So much of managing your financial life in America today is like drinking from a firehose that many households are not able to show up and impose a framework of their own design onto their finances,” said Rademacher. “Many are still in this reactionary space where they’re just trying to figure out how to make ends meet.”<\/p>\n

Watch the <\/strong>video<\/strong> to learn more about why financial security feels so impossible in the U.S. today.<\/strong><\/p>\n<\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

For many Americans, payday can’t come soon enough. As of June, 61% of adults are living paycheck to paycheck, according to a LendingClub report. In other words, they rely on those regular paychecks to meet essential living expenses, with little to no money left over. Almost three-quarters, 72%, of Americans say they aren’t financially secure<\/p>\n","protected":false},"author":1,"featured_media":12469,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-12468","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"\nHere's why Americans can't stop living paycheck to paycheck | iSafeSpend<\/title>\n<meta name=\"description\" content=\"For many Americans, payday can't come soon enough. As of June, 61% of adults are living paycheck to paycheck, according to a LendingClub report. 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