70% of Millennials Live Paycheck to Paycheck, According to New Report

70% of Millennials Live Paycheck to Paycheck, According to New Report

A new report from PYMNTS paints a dark picture of the financial security of most Americans.

Living paycheck to paycheck is a reality for a majority of U.S. consumers.

"Our research shows that 54 percent of consumers in the U.S. have little or no money left over after spending their earnings. This means 125 million U.S adults are currently living paycheck to paycheck. A key distinction separates this massive population into two groups, however: whether consumers are typically able to pay their bills easily. Just over 60 percent of the paycheck-to-paycheck population is able to pay their bills comfortably, while close to 40 percent struggle to keep up," reported PYMNTS.

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By age, the generation that is most economically vulnerable is millennials as 70% of the group live paychecks to paycheck. This report comes as millions of Americans are scheduled to lose eviction protection at the end of July and federal unemployment bonus payments will end in September.

“One of the main themes to emerge from our research is that living paycheck to paycheck reflects consumers’ economic needs and wants as much as — if not more than — their incomes or levels of wealth. Our research reveals that age and family statuses each play large roles in how consumers are making ends meet. Millennials — especially older ones — are collectively at important stages of their lives. They may be starting families or taking on their first major purchases, such as homes and new vehicles, but they may also be less advanced in their careers than their older counterparts,” reports PYMNTS.