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Americans Living Paycheck to Paycheck

After the stock market crash of 2008, many Americans lost their jobs and lost money in the stock market. Since 2008, though, Americans have repeatedly made attempts to better their own financial situations.

Though more jobs are finding their way to workers in America, unemployment rates were increasing in the beginning of the year. According to the New York Times, the Labor Department said that job growth was prominent at the end of 2012, despite the uncertainty of tax rates and government budget cuts. About 157,000 payroll positions were added in January. However, the unemployment rate went up to 7.9 percent, meaning we still have a lot of work to do in America to get more Americans payroll jobs.

Workers in America who do have jobs are struggling as well. A recent survey was conducted by FTI Consulting Inc. for Allstate, an insurance company. The survey found that more than four in 10 Americans are living paycheck to paycheck. And yet nearly one person out of every 10 workers in American doesn’t “earn enough to pay for essentials,” according to the study.

The study showed how workers are doing in this soft economy along with a “troubled labor market, but it also demonstrated that many people make unwise financial decisions even when they know better.”

In the survey, 59 percent of Americans claimed they know fiscal responsibility and know how to make good financial decisions for themselves. However, 47 percent of respondents claimed they are “saving less money than they should be.”

Forty-one percent of survey respondents said while they live from one paycheck to the next, eight percent cannot afford to pay for their everyday essentials.

The survey, which included 1,000 Americans age 18 and older, was conducted in mid-December of 2012.

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Scott Carver
Scott Carver
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