Information reaching Kossyderrickent has it that 67% of people making $50,000 to $100,000 per year are currently living paycheck to paycheck, according to Bankrate.
Employees who have become accustomed to hybrid work are willing to sacrifice to maintain it. Over two-thirds (67%) of more than 1,000 surveyed hybrid workers said they would forfeit part of their salary to maintain their current work settings, according to a poll by flexible workspace provider, IWG.
67% of those making $50,000 to $100,000 are living paycheck to paycheck, per Bankrate.
A third of Americans earning $150,000 a year or more say they’re living paycheck to paycheck and many rely on credit cards to close the gap, per Moneywise.
The use of credit cards has been on the rise, driven by the challenges posed by high inflation.
In fact, as reported by the New York Fed, credit card balances surged past the $1 trillion mark during the second quarter of 2023.
With some individuals finding themselves awaiting their next paycheck to cover daily expenses, credit cards may be their sole remaining financial option. However, overreliance on credit cards carries its own set of consequences.
According to the Quicken survey, 46% of individuals in higher income brackets now rely more heavily on their credit cards than ever before, in contrast to 40% in middle-income and 39% in lower-income groups. Additionally, approximately one-third of those earning $150,000 or more annually acknowledged that they wouldn’t be able to settle their credit card balances before the year’s end.
Information gathered in a June survey conducted by the personal finance software firm Quicken indicates that 32% of individuals in the United States with annual incomes of at least $150,000 are presently experiencing a situation where they rely on each paycheck to cover their expenses. In comparison, 36% of those earning between $50,000 and $150,000 annually and 55% of households earning less than that income threshold reported being in a similar paycheck-to-paycheck financial position.
Data shows the higher the salary, the more the individual is willing to give up in order to maintain a hybrid work environment. Nearly a quarter (24%) of respondents making over $150,000 annually told IWG they would give up over $40,000 of their own salary versus going back to the office full-time.
The highest-paid employees aren’t the only ones that are willing to give up a significant portion of their salaries. Twenty-one percent of those making $100,000 to $149,000 would give up $20,000, and nearly 16% of those making $50,000 to $99,000 would give up $5,000.
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