Half the Share of the Wealthiest Americans Now Live ...

67% of Americans Living in Cities Live Paycheck to Paycheck. SAN FRANCISCO, April 4, 2022 /PRNewswire/ -- LendingClub Corporation (NYSE: LC) ... PressRelease HalftheShareoftheWealthiestAmericansNowLivePaychecktoPaycheck 04/04/2022 DownloadthePDFversion PDFFormat(opensinnewwindow) 50%ofAmericansWhoEarnMorethan$100,000aYearNowLivePaychecktoPaycheck 67%ofAmericansLivinginCitiesLivePaychecktoPaycheck SANFRANCISCO,April4,2022/PRNewswire/--LendingClubCorporation (NYSE:LC),theparentcompanyofLendingClubBank,America'sleadingdigitalmarketplacebank,todayreleasedfindingsfromtheeightheditionoftheRealityCheck:Paycheck-To-Paycheckresearchseries,conductedinpartnershipwithPYMNTS.com. TheRegionalDivideEditionexaminesthegrowingsharesofconsumerslivingpaychecktopaycheckinurban,suburban,andruralareasoftheU.S.andtheimpactontheirabilitytobothbuildsavingsandaffordemergencyexpenses. Keytakeaway: ExactlyhalftheshareofthewealthiestAmericansnowlivepaychecktopaycheck.ThenumberofAmericansearningmorethan$100,000wholivepaychecktopaycheckincreasedtwopercentagepointsinFebruaryto50%from48%thepreviousmonth. Livingpaychecktopaycheckmeansdevotingallofone'ssalarytoexpenseswithlittletonothingleftoverattheendofthemonth.Manypaycheck-to-paycheckconsumersareabletoremaincredit-worthybyactivelymanagingtheircashflowsinrealtime;however,breakingthecycleofdebtremainselusive.LendingClubhelpsthisgrowingpopulationofconsumerslookingtogetahandleontheirfinancesbysimplifyingtheeverydayfinancialexperience. "WithinflationhittingeventhewealthiestAmericans'pocketbooks,theranksofpaycheck-to-paycheckAmericanscontinuestoswell,"saidAnujNayar,LendingClub'sfinancialhealthofficer."It'stimetotakealong,hardlookatwaystotrimdownunnecessaryexpenses.Oneofthefirstthingsyoucandoispaylessonanyexpensivecreditcardbillsbyconvertingthemintoaninstallmentloanwithafixedrateandclearenddate." WealthinthePaycheck-to-PaycheckLandscape Inadditiontotheshareofpaycheck-to-paycheckconsumersearningmorethan$100,000rising,moreconsumersinlowerincomebracketsarealsolivingpaychecktopaycheck. Theshareofconsumersearninglessthan$50,000wholivepaychecktopaycheckroseto80percentinFebruaryfrom77percentinJanuary. Paycheck-to-paycheckconsumersfallintotwocategories:thosewhocanpaytheirbillseasilyandthosewhocannot.PYMNTS'researchfindsthatinFebruary41percentofconsumerswerelivingpaychecktopaycheckwithoutdifficultiespayingmonthlybills,while21percentwerelivingpaychecktopaycheckwithdifficultiespayingtheirmonthlybills.InFebruary,38percentofconsumerswerenotlivingpaychecktopaycheck,upfrom36percentinJanuary. LocationandLivingPaychecktoPaycheck Consumersinurbanareasarebothmorelikelytoearnmorethan$100,000ayearandlivepaychecktopaycheck.Thisseemstocorrelatewiththerelativelyyoungerdemographicofurbandwellers. Regardlessofannualincome,consumerslivinginurban,suburbanandruralareasintheU.S.exhibitdifferentfinanciallifestylepatterns.Forty-ninepercentofsurveyrespondentsresidedinsuburbanareas,withapproximatelyone-quartereachlivinginurban(26percent)andrural(25percent)areas,yetPYMNTS'researchfindsthat67percentofconsumerslivinginurbanareasand68percentofconsumerslivinginruralareasaremorelikelytolivepaychecktopaycheck. Urbanconsumersreportthehighestsavings($9,890)amongthoselivingpaychecktopaycheckwithoutissuespayingmonthlybills.Theyalsoreportthehighestsavings($4,569)amongconsumerslivingpaychecktopaycheckstrugglingtopaybills.Incontrast,ruralconsumerslivingpaychecktopaycheckwithoutissuespayingtheirbillsreportaveragesavingsof$7,437,whilethosewithissuesreportthelowestaveragesavings:$705. "Whetheryouarelivinginacity,asuburboraruralcommunity,inflationisafactoflife,"addedNayar,"AstheeffectsofthemostrecenthikesingasandgrocerypricescontinuetobefeltbyallAmericans,it'stimeforconsumersinallincomebracketsandgeographiestoreviewtheirfinancialsituationsandlookforbetterwaystomanagetheircashflow." Methodology  NewRealityCheck:ThePaycheck-To-PaycheckReportisbasedonacensus-balancedsurveyof3,250U.S.consumersconductedfromFeb.7toFeb.14,2022.ThePaycheck-To-PaycheckseriesexpandsonexistingdatapublishedbyagenciessuchastheFederalReserveSystemandtheBureauofLaborStatisticstoprovideadeepdiveintotheelementsthatlieatthebackboneoftheAmericanconsumer'sfinancialwellness:income,savings,debtandspendingchoices.Thereport'ssamplewasbalancedtomatchtheU.S.adultpopulationinasetofkeydemographicvariables:52%ofrespondentsidentifyasfemale,32%arecollegeeducatedand36%declaredincomesofmorethan$100,000peryear. About LendingClub  LendingClubCorporation(NYSE:LC)istheparentcompanyofLendingClubBank,NationalAssociation,MemberFDIC.LendingClubBankistheleadingdigitalmarketplacebankintheU.S.,wherememberscanaccessabroadrangeoffinancialproductsandservicesdesignedtohelpthempaylesswhenborrowingandearnmorewhensaving.Basedonmorethan150billioncellsofdataandover$70billioninloans,ourartificialintelligence-drivencreditdecisioningandmachine-learningmodelsareusedacrossthecustomerlifecycletoexpandseamlessaccesstocreditforourmembers,whilegeneratingcompellingrisk-adjustedreturnsforourloaninvestors.Since2007,morethan4millionmembershavejoinedtheClubtohelpreachtheirfinancialgoals.FormoreinformationaboutLendingClub,visithttps://www.lendingclub.com. CONTACT: ForInvestors: [email protected] MediaContact: [email protected]   Vieworiginalcontenttodownloadmultimedia:https://www.prnewswire.com/news-releases/half-the-share-of-the-wealthiest-americans-now-live-paycheck-to-paycheck-301516467.html SOURCELendingClubCorporation