Most Millennials Live Paycheck to Paycheck. Financial Literacy is Key to Their Freedom

Source: Independent Institute
by Chloe Anagnos

“According to a new survey by PYMNTS and LendingClub, 70% of millennials are living paycheck to paycheck. … what might be the most incredible discovery from this survey is that 60% of millennials earning over $100,000 are struggling. Their difficulties lie in the fact that, as their income increases, so do their expenses. This is what researchers called lifestyle creep or the ‘phenomenon where discretionary consumption increases on non-essential items as the standard of living improves,’ as Investopedia explains. But as millennials spend more money as they struggle to live up to their six-figure paychecks, they become less likely to save.” (07/07/21)