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Study: more Americans living paycheck to paycheck

(Xinhua)
Updated: 2009-09-17 10:45

HOUSTON: More and more Americans are living paycheck to paycheck, said a report of a survey released on Wednesday.

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There has been no official definition of "living paycheck to paycheck," but analysts sum it up by the example of checking one's balance the day before payday with an empty wallet, or without any emergency fund.

The nationwide survey conducted by CareerBuilder.com indicates that 61 percent US Workers are just eking by. That's up from 49 percent in 2008 and 43 percent in 2007.

Moreover, the survey found that 30 percent of workers with salaries of 100,000 dollars or more report that they, too, live paycheck to paycheck, up from 21 percent in 2008.

Combine this with the news in recent years that American families actually had a negative savings rate for the first time since the Great Depression era, news analysts believe that many Americans are struggling with their financial lives.

Experts advise those who save nothing to cut back on their lifestyle and start to save something, in order to slowly become less dependent on a paycheck to pay next bill.

Founded in 1994, CareerBuilder.com is the largest online job site in the US, with more than 23 million unique visitors each month and a 34 percent market share of help-wanted web sites across the country.

CareerBuilder.com said the survey had polled 4,478 US workers between May 22 and June 10.