In November 2022, 63% of U.S. consumers reported living paycheck to paycheck. One-third of consumers report that they are currently not saving any money, with 60% of these consumers also saying they have no pre-existing savings. (1)
In 2020, 73.3 million workers age 16 and older in the United States were paid at hourly rates, representing 55.5 percent of all wage and salary workers. Over the entire 34-year period between 1979 and 2013, the hourly wages of middle-wage workers were stagnant, rising just 6 percent—less than 0.2 percent per year. (2,3)
37% of Americans lack enough money to cover a $400 emergency expense, up from 32% in 2021.
Almost 25% of workers of color report having to have two jobs to make ends meet (vs 17% for white workers). (5)
Since 1965, and accounting for inflation, home prices have jumped 118%, while real incomes have only increased by 15%. That’s why the goal of home ownership – the classic route for regular folks to accumulate wealth – is increasingly out of reach for so many. (6)
Federal Reserve 2022 Survey