Important Takeaways:

• 62% of Americans are still living paycheck to paycheck, making it ‘the main financial lifestyle,’ report finds
• The number of Americans who say they are stretched too thin has shown no signs of improvement amid high prices and higher interest rates.
• Federal Reserve Chair Jerome Powell recently said “inflation is still too high,” indicating that interest rates will stay higher for longer.
• High inflation and higher interest rates continue to weigh on American households.
• As of September, 62% of adults said they are living paycheck to paycheck, according to a new LendingClub report. The figure is unchanged from last year.
• “Living paycheck to paycheck remains the main financial lifestyle among U.S. consumers,” the report said.
• “Many are having to make tough choices to defer discretionary spending in order to stay on top of their loan payments and the costs of necessities,” he added. The resumption of student loan payments only adds to this stress.

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