Debt.com’s 2024 budgeting survey of 1,000 Americans shows a mixed financial picture. While more people are budgeting and finding it beneficial to stay out of debt, the number of individuals living paycheck to paycheck has risen 10% over the past two years.
In 2022 and 2023, 50% reported living paycheck to paycheck; that number climbed to 60% this year. Meanwhile, 90% of respondents say they budget, compared to 70% when the survey was conducted seven years ago.
Budgeting to get by 60% of Americans are living paycheck to paycheck, according to the latest Debt.com survey.
Debt.com’s seventh annual budgeting survey reveals good and bad news. The mixed financial picture shows that while more people are budgeting more and finding it beneficial to stay out of debt, the number of individuals living paycheck to paycheck has risen significantly.
Debt.com’s 7th Annual Budgeting Survey underscores the importance of budgeting in maintaining financial health, even as many Americans face ongoing economic challenges. Debt.com’s research section provides the latest statistics and insights on money, debt, and financial issues affecting Americans. We help you stay updated on Americans’ economic challenges and financial behaviors.
“Debt.com’s newest survey indicates that while budgeting is becoming more common and beneficial, it hasn’t completely shielded Americans from financial hardship,” says Howard Dvorkin, CPA and Debt.com chairman.
One bright spot is the percentage of people who say budgeting has helped them get out of or stay out of debt, increased to 89% this year from 73% in 2018. Millennials lead the way, with 92% reporting that budgeting has kept them out of debt, followed by 90% of Gen X, 86% of Baby Boomers, and 83% of Gen Z.
The survey also highlights the reasons people began budgeting:
* 38% – Increasing wealth and savings
* 21% – Tackling debt
* 17% – Inflation and cost of living
* 15% – Saving for retirement
* 6% – Job loss
* 2% – Divorce or loss of a spouse
“The rising number of people living paycheck to paycheck indicates that economic factors may be driving the need for individuals to fine-tune their budgeting strategies,” continued Dvorkin.
Of those who say they budget, 39% say their whole household works to stay on budget. The survey also shows that me (94%) are budgeting more than women (87%) overall. The top reason women cited for not budgeting was that they “don’t have much income,” while men primarily said it’s “too time-consuming.”
About Debt.com: Debt.com is a consumer website where people can find help with credit card debt, student loan debt, tax debt, credit repair, bankruptcy, and more.
Written by Douglas Pilarski for NewsBreak ~ August 26, 2024
About admin
Please allow me to introduce myself; I am Jeffrey Bennett, President of Kettle Moraine, Ltd., the parent of Sierra Madre Precious Metals.
I have been married for 53 years with two children and four grand-children, a veteran of Viet Nam, student of history (both American and film), and was host for fifteen years of Perspectives on America on the alternative airwaves, covering such subjects as, health and wellness, news, political satire, education and editorial commentary on current events through the teaching of history, and Protecting Your Wealth. In early 2018, I took a several month hiatus to complete some family business but returned to airwaves April 17, 2018).
At the age of ten, I sat in a bank-vault in the Citizens Bank of Mukwanago, Wisconsin with my grandfather going through bags of old American Peace dollars, hand-selecting each coin as dated rolls of 20 coins were carefully put together and rolled. Learning of the history of these beautiful pieces of Americana, I asked my grand-father, "Why are we doing this?" to which he replied, "Because someday they are going to do the same thing with the silver in our money that, that (S.O.B.) Roosevelt did with gold in 1933." It took only six-years for his prediction to come to pass at the hands of a disciple of Roosevelt's... and what will a Federal Reserve 'dollar' purchase today - and what will that old 90% Silver Peace Dollar purchase?
Although at the age of ten, there was little understanding of the meaning of it all, over the next half-century I became well-versed on the subject matter. During this summer of my education, I began to purchase silver coins as a collector and some small, international gold coins two years later - not an easy feat in the shadow of the Roosevelt confiscatory policies of 1933. Although those policies remained in effect until the mid-1970's, it was not until 1991 that I found that one could make a living providing precious metals and collectible, historic numismatic coins to a willing and concerned clientele.
It was also during that year, that I began a relationship with one of the first Trust companies to give the public access to gold and silver as part of an Individual Retirement Account (IRA) - and Kettle Moraine, Ltd., founded in 1995, but have ceased providing service due the the intense change-over of the provider.
In November 2011, after a 15 month broadcast on another network, I returned to the airwaves with my then revamped program, Life, Liberty & All That Jazz, and for over 28 years, I have been proud to serve the family of listeners of my numerous broadcast programs for physically-held precious metals for investors and collectors alike. On March 23, 2020 I launched my brand new - appropriately named program, The Edge of Darkness on the Republic Broadcasting Network, and thus continue to remain available to our long time clients and their families. Ah yes - find out what "inter-generational" wealth provision has done for our clients over the past three decades.
Don't buy the sizzle of that steak until you understand the cost! In other words, don't buy the bull being dispensed by the 'rare coin' pitchmen until you understand the full story. We, at Sierra Madre Precious Metals, will be proud to serve your needs.
