LendingClub and PYMNTS Second Report Finds Americans Living in the South Central Region are Most Likely to Live Paycheck to Paycheck
The first report found that the majority of Americans (54 percent) living paycheck-to-paycheck; this second August edition examines regional differences.
The key takeaway: In every region within
Americans Living in the
According to the research, nearly 59 percent of all consumers in the South Central region (
Those living in the Northeast and South Central are more cash strapped than most:
Forty-five percent of consumers earning more than
$100,000in the Northeast live paycheck to paycheck, compared to 40% nationally, with 19 percent of them struggling to pay their monthly bills.
- Seventy-one percent and 69 percent of millennials living in the South Central and the Northeast regions, respectively, live paycheck to paycheck.
- Older "Bridge" millennials — consumers born between 1978 and 1988 that therefore "bridge" the gap between older millennials and younger Generation X consumers — living in the Northeast region of
the United Statesare 20 percent likelier to be living paycheck to paycheck than those in the Mountain states.
On the other end of the spectrum are the Mountain states (
Americans Living in Urban Areas are More Likely to Live Paycheck to Paycheck
The cost of living in metropolitan areas tends to be higher than in rural areas, making it difficult for many consumers to pay their bills. According to the research, 63 percent of all consumers residing in metropolitan areas live paycheck to paycheck which is 24 percent higher than in rural areas.
The South Central and the South Atlantic regions are exceptions to this rule, where consumers living in rural areas within these regions are more likely to live paycheck to paycheck than such consumers living in towns and cities, as 58 percent and 59 percent of each region's rural residents do so, respectively. In comparison, 52 percent of metropolitan residents in the South Central and 51 percent of town residents in the South Atlantic live paycheck to paycheck. Even so, consumers living in rural areas in the South Central and South Atlantic are 16 percent and 7 percent less likely, respectively, to be living paycheck to paycheck than those living in major metropolitan areas across the country.
"No region of
To view the full report, visit: https://www.pymnts.com/study/reality-check-paycheck-to-paycheck-study-finances-loans-geography-millennials
Reality Check: The Paycheck-To-Paycheck Report is based on census-balanced surveys of 7,116
For Investors: IR@lendingclub.com
Media Contact: Press@lendingclub.com
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