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Fortune
Fortune
Chloe Berger

Even Americans earning six figures say they are living paycheck to paycheck—including people making over $200,000

(Credit: Clarissa Leahy—Getty Images)

Money, money, money, isn’t even funny in a rich man’s world. It appears as if even the most wealthy of the nation struggle to attain financial stability these days. 

The majority of Americans (66.2%) feel like they’re living paycheck to paycheck, according to a MarketWatch Guide survey of 2,000 people. And almost half (48.6%) of adults consider themselves as “broke.”

It appears that a six-figure salary isn’t even enough to stave off feelings of discomfort. What used to be a signal of financial success is no longer making the bank, as 48% of those earning $100,000 or more a year say they’re living paycheck to paycheck. More than a third (36%) of those making $200,000 or more report the same perceived monetary straits.

As inflation brewed over the last couple of years, even those who make a fair amount started to squirm. The high cost of living followed by subpar income were the major issues, according to respondents to the 2022 Federal Reserve study about economic well-being. Since then, the high cost of living has ebbed a bit as wages have finally surpassed the pace of inflation, according to the Economic Policy Institutes' analysis of Bureau of Labor Statistics data. Even so, Americans are still finding themselves feeling crunched after a period where wealth-building proved difficult. 

A separate study from PYMNTS of more than 4,200 consumers found that 62% of total consumers and 36% of those making more than $200,000 feel like they’re living paycheck to paycheck. Both numbers have increased since the study was performed a year prior, the authors note—pointing to the rising cost of living as a factor. 

Of course, these higher-income households are in less of a crunch as more financially vulnerable Americans. Living paycheck to paycheck holds a different meaning for richer individuals that often have higher expenses due to the lifestyle that larger salaries can afford. 

“Although rising housing and food costs impact these consumers, other factors, such as nonessential spending, paying expenses for others and recent events that cut into their savings, may particularly inform their financial lifestyles,” PYMNTS says of these high earners, noting they also spend more on education as a financial burden. 

Last summer, even actor Sydney Sweeney spoke out how she’s unable to afford to take a six-month break, or subside without a consistent paycheck. “If I just acted, I wouldn’t be able to afford my life in L.A. I take deals because I have to,” she said, speaking of the paltry residuals that the streaming world offers.

Likely hindered by the persistent pay gap, women are more likely than men to live paycheck to paycheck (72% and 60%, respectively), according to MarketWatch. And millennials, a generation burdened by student loans and ill-timed recessions, are most likely to experience this financial strain, followed by Gen Xers.

Many millennials making six figures are still making up for lost time. “I recognize that I’m extremely privileged, but I still feel mounting pressure when it comes to our finances,” Kelly, a millennial earning six figures, told Fortune’s Alicia Adamczyk. “Are we getting by? Yes. But we’re not getting ahead, and we’re missing major milestones along the way.”

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