A recent survey points to many Americans being in a financial situation that can be difficult.
This financial situation is regularly having most-to-all of one’s take-home pay being eaten up by one’s expenses. Living paycheck-to-paycheck is something that nearly half (47 percent) of the American consumers polled in the survey said that they frequently experience.
Living paycheck-to-paycheck can be very stressful for a person. It can also make it extremely difficult to build up savings. One wonders how much the high prevalence of people living paycheck-to-paycheck is contributing to another trend the survey indicated: many Americans not having emergency savings. About 30 percent of the survey respondents said that they didn’t have any savings.
When a person has little or no savings, they can be in a particularly vulnerable position if unexpected expenses come up for them. There are many different circumstances in which unexpected expenses can arise for a person, and such expenses can sometimes be very large. Such expenses can be very difficult to deal with if one doesn’t have much in savings.
Why do you think living paycheck-to-paycheck is currently so common? What do you think could help change this?
When a person finds themselves overwhelmed by unexpected expenses, they may be very worried about their financial future. When in this difficult situation, having the right guidance can be critical. Skilled bankruptcy attorneys can advise individuals who are struggling financially and debt-wise due to unexpected expenses on what debt relief measures may be able to help with protecting their financial future.
Source: Consumer Affairs, “More consumers living paycheck-to-paycheck,” Mark Huffman, April 25, 2016