Wait, how many people making $100k+ live paycheck to paycheck?!

This stat from LendingClub’s latest paycheck to paycheck report shocked me: 83.7% of people making more than $100k per year live paycheck to paycheck.
Wait, what?!

It’s true, and here’s the breakdown of the 83.7%:

– 49.2% of people making more than $100k/yr live paycheck to paycheck with issues paying bills

– 34.5% of people making more than $100k/yr live paycheck to paycheck without issues paying bills

Which leads us to two questions.

First, what does “issues paying bills” mean? The Basis Point asked LendingClub this question, and here’s what their SVP of Financial Health Anuj Nayar said:

“‘Issues paying bills’ is pretty simple. They do not have enough money to make all their financial commitments at the end of the month.”

Second, How are so many Americans making six figures (or more) and still struggling to make ends meet?

I have two quick guesses: Starbucks and Lululemon.

Click below for the full report, which might inspire additional theories (more fact-based than mine perhaps? Probably, lol!), and please chime in below with your thoughts.

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Reference:

– LendingClub & PYMNTS Paycheck to Paycheck Report – Jan 2023

– WTF is up with 72% of homebuyers not shopping around for their mortgage?