61% of U.S. consumers live paycheck to paycheck

In July 2023, 61% of U.S. consumers live paycheck to paycheck, unchanged from June 2023, but 2 percentage points higher than July 2022. Generally, more consumers of all income brackets reported living paycheck to paycheck in July 2023 than last year

The share of low-income consumers — those earning less than $50,000 annually — living paycheck to paycheck increased the most, rising from 74% in July 2022 to 78% in July 2023.

Among consumers earning between $50,000 to $100,000 annually, 65% lived paycheck to paycheck as of July 2023, compared to 63% in July 2022.

Meanwhile, the share of high-income consumers — those earning more than $100,000 annually — living paycheck to paycheck increased the least, just 1 percentage point from 43% in July 2022 to 44% this year.

the study revealed living « paycheck-to-paycheck Â» is independent of how much money one makes, and a majority of Americans need their next paycheck to cover their monthly financial outflows.

rising interest rates make carrying a balance on credit cards even more expensive, meaning servicing that debt costs more, leaving less for savings

Twenty-one percent of paycheck-to-paycheck consumers cite nonessential spending as one reason — but not the top reason — for their financial lifestyle

about 6% of the U.S. adult population can be considered ‘discretionary’ paycheck-to-paycheck consumers, as their financial lifestyle is due to nonessential spending, while 13% of U.S. consumers live paycheck to paycheck at least partly because of nonessential spending

People like to splurge on themselves, even when it isn’t necessary.

Seventy-four percent of consumers admit to including « nice-to-have Â» items in their grocery carts at least some of the time, and 70% say the same for their retail purchases

For grocery shoppers, desserts, candy and sodas were among the most common indulgences, with 41% citing this as their latest grocery splurge. Clothing emerged as the top non-grocery splurge, followed by health and beauty

According to the Federal Reserve Bank of New York, U.S. consumer credit card debt has risen to an all-time high of $1.03 trillion as of the second quarter of 2023

The reality is that many Americans are using credit cards as a crutch instead of a tool

Americans have an average of four credit cards and are swiping on those cards without thinking about the consequences of carrying high-interest credit card debt at variable rates.

The average consumer holds outstanding credit card balances equivalent to 35% of their available savings, but those living paycheck to paycheck tend to have higher credit card debt relative to their savings level

The data finds that consumers living paycheck to paycheck without issues paying bills have average outstanding credit card balances equivalent to 62% of their available savings, while those with issues paying monthly bills carry balances of 157% of their available savings, meaning they would still have a balance even if they emptied their savings accounts.

Hey @MoningBot , t’es encore vivant pour traduire le message ci-dessus ? Merciiiii

Bien sûr @nicolas.auclair, voici la traduction de ce message en français :

En juillet 2023, 61 % des consommateurs américains vivent au jour le jour, un chiffre qui n’a pas changé par rapport à juin 2023, mais qui est 2 points de pourcentage plus élevé qu’en juillet 2022. En général, davantage de consommateurs de toutes les tranches de revenus déclarent vivre au jour le jour en juillet 2023 par rapport à l’année précédente.

La proportion de consommateurs à faibles revenus - ceux qui gagnent moins de 50 000 $ par an - vivant au jour le jour a le plus augmenté, passant de 74 % en juillet 2022 à 78 % en juillet 2023.

Parmi les consommateurs dont le revenu annuel est compris entre 50 000 et 100 000 $, 65 % vivaient au jour le jour en juillet 2023, contre 63 % en juillet 2022.

En attendant, la proportion de consommateurs à haut revenu - ceux qui gagnent plus de 100 000 $ par an - vivant au jour le jour a le moins augmenté, seulement 1 point de pourcentage, passant de 43 % en juillet 2022 à 44 % cette année.

L’étude a révélé que vivre « au jour le jour Â» est indépendant de la somme d’argent que l’on gagne, et la majorité des américains ont besoin de leur prochain chèque de paie pour couvrir leurs sorties financières mensuelles.

Les taux d’intérêt croissants rendent le fait de porter un solde sur les cartes de crédit encore plus coûteux, ce qui signifie que le service de cette dette coûte plus cher, laissant moins d’économies.

Vingt-et-un pour cent des consommateurs vivant au jour le jour citent les dépenses non essentielles comme une raison - mais pas la principale - de leur mode de vie financier.

Environ 6% de la population adulte américaine peuvent être considérés comme des consom