As of June 2022, 61% of Americans — or approximately 157 million adults — lived paycheck to paycheck, according to a new LendingClub report. That’s up from 58% living paycheck to paycheck in May. A year ago, the number of adults who felt stretched too thin was 55%. Even households earning $200,000 or more report struggling to make ends meet, the report found.
Savings balances have dropped. Among all consumers, average savings dropped to $10,757 in June from $11,274 in May, LendingClub also found. Worst yet; nearly a quarter of American households have no emergency savings. Only 27% reported having enough to cover living expenses for six month or more.
We’re happy to show you how the Moven platform can help you be better positioned as a financial advocate. More importantly, we can help consumers create an emergency fund, so they’re better prepared for financial uncertainty.