Perception and reality are known to collide, causing a rude awakening as we discover after months of research just how far the paychecks stretch in the pandemic era.
The Regional Divide Edition, the latest installment in the New Reality Check series: The Paycheck-To-Paycheck Report, a collaboration between PYMNTS and LendingClub, is based on a February survey of 3,250 US consumers and looks at the increasing number of people being paid by Paycheck to paycheck living in different parts of the US and related impact on purchasing power. Here are the key data points.
- 50% of consumers making more than $100,000 a year reported living paycheck to paycheck in February
With inflation generally on the rise, the latest report states that “50% of consumers making more than $100,000 a year reported paycheck-to-paycheck in February, up from 48% in January. The proportion of those earning between $50,000 and $100,000 who report living paycheck to paycheck from 67% in January fell to 65% in February, but the proportion of those making less than $50,000 did and living paycheck to paycheck increased from 77% to 80% same time frame.”
- 28% of urban consumers are most likely living paycheck to paycheck and struggling to pay bills
As rents and mortgages soar, more people in more places are suffering from wage pain. Unsurprisingly, expensive urban areas tend to live paycheck to paycheck.
A new study found that 28% of urban consumers say they live paycheck to paycheck and have trouble paying bills, with 24% of people living in rural areas saying the same. “Of paycheck-to-paycheck consumers living in urban areas, 35% earn more than $100,000 per year, while 20% of those living in rural areas earn the same,” the study said.
- Between 40% and 46% of struggling consumers couldn’t afford a $400 emergency
The number of consumers earning between $50,000 and $100,000 and living paycheck to paycheck fell to 65% in February from 67% in January, but the proportion of those earning less than $50,000 and from paycheck live to paycheck increased from 77% to 80% time slot.
We found that 46% of rural consumers who live and struggle on a paycheck from paycheck to paycheck would not be able to pay should a $400 emergency expense arise. “Paycheck-to-paycheck consumers who are struggling to pay monthly bills in urban and suburban areas appear to be in a slightly better position, with only 40% and 42% respectively saying they could not pay.”
Get the study: New Reality Check: The Paycheck-to-Paycheck Report, Regional Divide Edition
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NEW PYMNTS DATA: WHY PATIENT PORTALS BECOME TABLE INSERTS FOR CONSUMERS
Above: Patient portals are now a must for healthcare providers – so much so that 61% of patients interested in using the tools say they would switch to a healthcare provider that offers one. For Accessing Healthcare: Easing Digital Frictions In The Patient Journey, a collaboration between PYMNTS and Experian Health, PYMNTS surveyed 2,333 consumers to learn how healthcare providers can alleviate digital pain points to improve patient care and satisfaction.
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