Inflation has been causing economic hardship for workers across all income levels.
As of June, 61% of Americans — roughly 157 million adults — lived paycheck to paycheck, according to a new LendingClub report. That’s up from 58% who reported living paycheck to paycheck in May. A year ago, the number of adults who felt stretched too thin was 55%.
Even top earners have been struggling to make ends meet, the report found. Of those earning $200,000 or more, 36% reported living paycheck to paycheck, a jump from the previous month. (Another recent survey, from consulting firm Willis Towers Watson, estimated 36% of those earning $100,000 or more said they were living paycheck to paycheck.)
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Another key inflation gauge, the Personal Consumption Expenditures Price Index, which measures the price change in goods and services consumed by all households, also jumped 6.8%, the biggest 12-month move since 1982.
Taken together, Americans are shelling out more to cover their monthly expenses, making it increasingly difficult to make ends meet. As a result, they’re dipping into their cash reserves and nearly half are falling deeper in debt.
Among all consumers, average savings dropped to $10,757 in June from $11,274 in May, LendingClub also found.
