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BREAKING
Al Mayadeen's correspondent: Three martyrs, injured in Israeli drone strike on phone charging station west of Khan Younis, southern Gaza.
Al Mayadeen's correspondent: Four martyrs, dozens of injured as IOF open fire on civilians near GHF facility west of Rafah, southern Gaza.
Lebanese Army: This may push Army to freeze cooperation with committee regarding investigating facilities.
Lebanese Army: Enemy's continued violations of agreement and its refusal to respond with implementation committee weakens committee, Army's role.
Lebanese Army: A number of patrols also headed to locations under threat to investigate them, despite enemy's refusal of proposal.
Lebanese Army: As soon as enemy announced its threats, Army began coordination with ceasefire committee to stop attack.
Lebanese Army: Aggressions took place on eve of holidays, in clear atttempt by enemy to disrupt recovery of our nation and positive atmosphere.
Lebanese Army: Occupation's violations have turned into a daily aggression against Lebanese sovereignty, as it flouts ceasefire mechanism and efforts by implementation committee.
Lebanese Army: [Israeli] enemy has recently escalated its aggressions on Lebanon, targeting civilians, residential buildings, and facilities in different areas.
Berri: It is our fate every Eid al-Adha to offer sacrifices in defense of Lebanon and its sovereignty, and the aggression will not prevent us from celebrating our holidays

More than half of high-income Americans become the 'working poor'

  • By PYMNTS
  • Source: Agencies
  • 31 Jan 2023 16:14
  • 1 Shares
3 Min Read

To tackle the situation, the Federal Reserve maintains its stance on increasing interest rates to fight inflation, and citizens expect even higher rates this year.

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  • Customers standing outside a Costco Wholesale branch (Reuters)
    Customers standing outside a Costco Wholesale branch. (Reuters)

The economic crisis and inflation in the US have taken a grave toll on Americans that 9.3 million more consumers at the end of 2022 were living paycheck to paycheck, although, eight million of them earn more than $100,000 annually and still find it difficult to save money. 

To tackle the situation, the Federal Reserve maintains its stance on increasing interest rates to fight inflation, and citizens expect even higher rates this year. Even if wages do increase to keep up, prices will increase. 

Read next: Half of American workers want to quit their jobs in 2023

In a report titled: “New Reality Check: The Paycheck-To-Paycheck Report,” part of a PYMNTS and LendingClub collaboration, consumer expectations for this year, 2023, are measured alongside the impact that inflation and economic uncertainty will have on their spending habits. 

The data is derived from a survey of 3,989 US consumers carried out from December 8 to 23, 2022. 

Light at the end of the tunnel

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The report found that 4 out of 10 of the surveyed (which are those who earn more than $100,000) anticipate an improvement in their personal finance which jumped seven percentage points from 33% in July 2022, as opposed to one-third seeing no significant change and 27% see the situation worsening. 

Those who live from one salary to the other, amounting to 42%, consider job promotions and additional income as factors behind their positive outlook on wage increases. On the other hand, 40% who struggle to pay their bills expect likewise.

30% of those not living paycheck to paycheck look forward to an improved  financial situation this year. 

Individuals living on a salary basis not only identify inflation as the reason behind their negative outlook but also believe their financial situation will hit rock bottom this year, amounting to 27%.

72% point to inflation, and 66% see economic uncertainty as a reason why they have a negative outlook. 

Among paycheck-to-paycheck consumers who think their financial situation will worsen next year, about three-quarters cite inflation as a reason for their pessimism, while two-thirds blame economic uncertainty. 

Consumers not living paycheck to paycheck are more worried about economic uncertainty than inflation, at 72% versus 62%, respectively.

That comes after reports in November stated that inflation in the US surged even higher and retirement benefits no longer offer retired individuals their needs for a decent living.

  • United States
  • Federal reserve
  • inflation

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