It’s estimated that ~78% of workers are living paycheck-to-paycheck. Scary, but not surprising. People from all walks of life are scraping by and struggling through life – regardless of gender, education or income levels.
PwC’s 8th annual Employee Financial Wellness Survey, 2019, also notes that more and more people experiencing financial difficulties:
- 49% of all employees say they find it difficult to meet household expense on time each month
- Only 31% would be able to meet their basic expenses if they were out of work for an extended period of time
- 59% consistently carry balances on their credit cards, with 37% finding it difficult to make their minimum payments each month
- 35% of Millennials and 30% of Gen X employees are using their credit cards to pay for monthly necessities which they could otherwise not afford
Most worryingly of all is that 45% of people surveyed have less than $1,000 saved for unexpected expense. Unfortunately this situation is worse for women, with 51% not having this relatively small amount of money put aside vs. 38% of men.
The situation is dire and getting worse. It’s time to do something about it, because living paycheck-to-paycheck is a disaster not only for your immediate finances but also your general wellbeing, happiness and future living standards.Continue reading