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
