70% of Millennials Live Paycheck to Paycheck

Consumers who are currently living paycheck to paycheck hail from all generations and all income brackets, according to New Reality Check: The Paycheck-To-Paycheck Report, a PYMNTS and LendingClub collaboration that is part of a monthly series based on surveys of more than 36,000 U.S. consumers.

Get the report: New Reality Check: The Paycheck-To-Paycheck Report

By generation, the share of consumers who live paycheck to paycheck is 54% of baby boomers and seniors, 60% of Generation X, 70% of bridge millennials, 70% of millennials and 65% of Generation Z.

By income bracket, the share is 42% among consumers with an annual income of more than $100,000, 66% among those with an annual income between $50,000 and $100,000, and 77% among those with an annual income of less than $50,000.

There is a striking gap in savings between consumers who live paycheck to paycheck with issues paying their monthly bills and those who live paycheck to paycheck but do not struggle with their bills.

Consumers’ average savings vary from $1,158 to $2,765 among those who live paycheck to paycheck with difficulty, and from $3,362 to $7,961 among those who live paycheck to paycheck but comfortably.

For all consumers living paycheck to paycheck, paying an emergency expense of $400 can be a significant challenge.

Those who live paycheck to paycheck and struggle with their bills are more likely to manage emergency expenses by selling something, borrowing from family members or friends or using a credit card than they are to use money from a checking or savings account.

Consumers who live paycheck to paycheck without issues paying bills are much more likely to manage emergency expenses by using funds from their checking or savings accounts.