Cover for the PYMNTS and LendingClub June 2023 “New Reality Check: The Paycheck-to-Paycheck Report - The Emergency Spending Deep Dive Edition”

Consumers Face Financial Crunch from Rising Emergency Expense Costs

The Emergency Spending Deep Dive Edition

The average consumer emergency expenses have risen 16% to $1,700, far above the Fed’s $400 benchmark. PYMNTS’ latest survey of 3,620 consumers, “New Reality Check: The Paycheck-to-Paycheck Report,” a collaboration with LendingClub, finds that nearly half of struggling paycheck-to-paycheck consumers have faced at least one unexpected expense in the last 90 days, with one-quarter reporting they could not pay.

Inside the June Report

  • 55%: Share of millennials who report having had at least one unexpected expense in the three months prior to May 2023
  • 46%: Portion of consumers who reported facing emergency expenses in the three months prior to being surveyed
  • 53%: Portion of struggling paycheck-to-paycheck consumers who postponed large expenses due to financial hardship

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    New Reality Check: The Paycheck-to-Paycheck Report