NEW YORK—Seventy five percent of Americans say they are not completely financially secure, and 30% never expect to be, a new study has found.
Bankrate’s Financial Freedom Survey also found 34% are living paycheck to paycheck.
“That means that about a third of American workers say they don’t have enough money left over after covering their expenses to save for future expenses,” Bankrate said in releasing its findings.
The COVID-19 pandemic and inflation also contributed to the number of Americans living paycheck to paycheck, according to Bankrate.
It Just Costs More
“Simply put, living comfortably costs a lot more than it used to,” Sarah Foster, Bankrate U.S. economy reporter, said in a statement. “Prices are up almost 21% since the pandemic first began in February 2020, requiring an extra $210 per every $1,000 someone used to spend on the items they both want and need. For the many Americans whose pay hasn’t kept up with inflation, higher prices essentially translate to an outright destruction of wages.”