More than a third of high-earning American workers feel strapped for cash — a share that has risen dramatically in recent years.
According to a survey conducted by Willis Towers Watson, a consulting firm, 36 percent of U.S. employees with salaries of $100,000 or more are living paycheck to paycheck — twice as many who said they were in 2019.
That’s more than the 34 percent of workers who earn $50,000 to $100,000 a year who are living paycheck to paycheck, though lower than the 52 percent of paycheck-to-paycheck workers with incomes of less than $50,000, according to the survey.
However, the high earners are the only group that saw an increase in their paycheck-to-paycheck ranks in the last three years.
Willis Towers Watson polled 9,658 full-time employees from large and midsize private employers in December and January 2022, before the most recent inflation readings.
The findings are similar to a recent Lending Club survey that found that 36 percent of people earning at least $250,000 a year live paycheck to paycheck.
Quickly rising costs for food, transportation and other areas of household budgets may put further stress on families’ ability to save money, Smrecek said.
The Consumer Price Index was up 8.6% in May from a year earlier, the highest inflation reading in about 40 years.
The Federal Reserve raised its benchmark interest rate by 0.75 percentage points on Wednesday — the largest increase since 1994 — as part of an ongoing effort to rein in consumer costs.