Bank of America's study found that 25% of Americans claim to live paycheck to paycheck, including 20% of those earning over $150,000, highlighting a widespread financial struggle.
The study reveals that income does not heavily influence the perception of living paycheck to paycheck, with similar percentages reported across various income brackets and age groups.
Many individuals believe living paycheck to paycheck is a result of escalating household expenses, and this situation might improve with a decrease in inflation.
The definition of 'paycheck to paycheck' varies among individuals, but is generally understood as spending 95% of income, leaving no room for savings.
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