Those are the figures reported by a new survey from Careerbuilder.com, in which Harris Interactive surveyed 4,478 workers about their current financial standing. Sixty-one percent reported that they're living at or near a "paycheck to paycheck" basis. Further:
Surprisingly, people earning average salaries aren’t the only ones feeling the need to pinch pennies: 30 percent of workers with salaries of $100,000 or more report that they too live paycheck to paycheck, up from 21 percent in 2008.
Admittedly, earning $100k in NYC isn't the same as earning $100k in Memphis, so the tangible value of the "$100k" aspect has to be moderated somewhat.
How has the recent economic tumult affected the paycheck-to-paycheck figures? Well, here's a visual:
And here's a nasty (though not unexpected) tidbit that does NOT bode well for the future:
Some workers are making ends meet by dipping into their long-term savings. More than one-in-five (21 percent) workers say they have reduced their 401(k) contributions or personal savings in the last six months to get by. Looking at workers earning six figures or more, a nearly equal number (23 percent) report that they have also reduced their 401(k) or savings.
Some other factoids from the survey:
- 36% of workers report no participation in 401k, IRA, etc.
- 33% say they are not able to save ANY money each month
- 30% say they are able to save $100 or less each month
- 16% say they are able to save $50 or less each month
Oy. Not a pretty picture, no matter how you look at it!
Labels: Spending, Statistics
