The majority of Americans are facing post-pandemic woes, a new survey reveals.
The report, which surveyed 29,000 people, reveals the majority of people in the country are living paycheck to paycheck. This even includes upper-income level earners making between $50,000 and $100,000 annually, NY Post reports.
The June report, created by economic data agency Pyments and financial tech company LendingClub, found that 53% of upper-income level earners claim to have no money after paying their monthly bills.
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The results of the study also show that 70% of millennials, those born between 1981 and 1996, are dependent on their next payday just to get by. This dependency is larger than any other age group, including Gen Z and Gen X.
In total, the survey projects that 125 million US adults rely on their next paycheck for everyday expenses, like food, rent, and transportation. The outlet reports the average savings of those surveyed to be $3,928 in May.
In addition, 52% of Gen Z, which includes those born between 1997 and 2015, are living paycheck to paycheck, as are just under 40% of baby boomers and seniors.
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The recent survey on millennials comes as the age group has been increasinly affected by higher costs on tech services including food delivery and ride sharing apps like Uber.
The NY Times dubs the phenomenon the “Millennial Lifestyle Subsidiary,” claiming that tech services including Uber, laundry services, and even electric scooters, were willingly losing money in an effort to build customers. Those same companies have now increased their prices to reflect true behind-the-scenes costs.
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