There have always been millions of Americans living paycheck to paycheck and you would be surprised at the incomes that some might be operating with who end up falling into that category.
The average emergency can easily cost anywhere from $1,200-$1,400 or more and there are many people who aren't prepared to handle that.
Previous investigations have found that a number of Americans would need to turn to help and try to borrow from others if such an emergency did arise. There are many young adults today who are also relying on parents to supplement the increased cost of living.
The number of Americans who are living paycheck to paycheck has increased and it might be a little annoying to hear mainstream news anchors celebrate any sort of slight decline in the inflation rate when it is still well above average and has been drastically decreasing the standard of living for millions of people not just in the US but around the world.
Some people might be turning to credit to make up the difference in affording food and other basics because prices have been rising for food and other goods and services.
On top of the pain that is already being felt by many there is still talk of a potential recession that might show up in 2023 though financial experts across the industry disagree heavily on that potential or if or when it might come around, as well as what to do to avoid or deal with it.
If people are choosing to buy things like small food items now and pay later is that a sign of a strong economy? People around the country are struggling to meet their food needs, to afford increasing rent costs and political leaders seem to be doing little to fix it but they have been active in delegating money toward their own agendas and to sending more of it overseas.
Pics:
pixabay
This is not financial advice.
Sources:
https://www.cnbc.com/2022/01/19/56percent-of-americans-cant-cover-a-1000-emergency-expense-with-savings.html
https://thehill.com/opinion/healthcare/3786591-no-christmas-dinner-one-third-of-the-world-is-going-hungry/
https://www.bloomberg.com/news/articles/2022-09-27/hunger-in-america-inflation-s-driving-up-need-for-food-banks