https://patriotdailypress.org/2021/07/13/nearly-two-thirds-of-millennials-earning-over-100k-a-year-report-living-paycheck-to-paycheck/Nearly two-thirds of Millennials earning over $100K a year report living ‘paycheck-to-paycheck’July 13, 2021
High-earning Millennials have a major spending problem.
What are the details? A new survey conducted by PYMENTS and LendingClub, which analyzed the financial data of roughly 30,000 Americans, found that 60% of Millennials making more than $100,000 a year still said they were living paycheck-to-paycheck, Business Insider reported.
That surprising figure was not far off from the 70% of Millennials in total who reported living paycheck-to-paycheck. Millennials are individuals born between 1981 and 1996.
In the survey, those living paycheck-to-paycheck were defined as consumers who “manage to pay their monthly bills but have little left over.”
According to the report, Millennials were not the only demographic of high earners who still lived paycheck-to-paycheck. In total, 40% of those earning more than $100,000 a year still struggled to make ends meet and have money left over.
But the fact that so many Millennials seem to struggle financially is indicative of a problem with exorbitant spending, not insufficient income, the report argued. Put simply, most Americans have not been saving enough money to avoid a paycheck-to-paycheck lifestyle.
The survey found that “70% of consumers have less than $15,000 in savings, and one-third of all consumers have less than $1,000,” or not a sufficient a cushion to shield against unexpected expenses.
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