Living Paycheck to Paycheck? You are NOT Alone!
Living paycheck to paycheck is not limited to low-income Americans. Nearly 10% of Americans earning more than $100,000 reported that they are living paycheck to paycheck. As income ranges decrease there is an increase in the percentage of those living moment to moment. 28% of those earning 50K - 99K and 51% of people earning less than $50K usually or always live paycheck to paycheck.
Savings is the key to breaking the paycheck to paycheck cycle, but 25% of workers indicate they are not setting aside ANY savings each payday and 56% percent save less than $100 per month. It is clear that the majority don't have enough saved to cover emergencies much less periodic expenses, hence, we could be just one hiccup away from a real financial crisis! Additionally, 18% of Americans surveyed indicated they have reduced their contributions to their 401(k) and 38% make no contribution at all! Retirement is starting to look like a distant dream for many.
Finally, dependence on debt is increasing. 25% of Americans say they cannot make ends meet from month to month. What does that mean? When the going gets tough, the credit card comes out to tide us over. 71% of those surveyed indicated they are in debt and 56% believe they will always be in debt.
While the statistics paint a grim picture, Bank On Hampton Roads is here to help you avoid being a statistic. In 10-months, you can increase savings, build credit and reduce debt with the help of a personalized coach and once per month classes. Now is the time to take action! New classes begin in September 2017 and best of all they are FREE! Invest in yourself - sign up today!