Most People Are Living Paycheck to Paycheck, Survey Finds

People are 'trapped' in a paycheck-to-paycheck lifestyle by nonessential spending.

A woman, only her hands and legs showing, opens her empty wallet.
(Image credit: Getty Images)

Some 61% of Americans of all income brackets were living paycheck to paycheck as of July, with many citing nonessential spending as a major factor for their situation, according to a new survey.

That percentage is 2 points higher than a year ago, according to the survey of 3,443 U.S. consumers conducted from July 5 to July 20 by LendingClub in partnership with PYMNTS.

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Joey Solitro

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.