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61 Percent of Employees Live Paycheck to Paycheck
One-third reduce long-term savings plans to make ends meet. A majority of American employees are finding themselves hard-pressed to live up to their household budgets, according to a new report from CareerBuilder. The survey of more than 4,400 full-time U.S. staffers found that 61 percent of respondents reported that they always or usually live paycheck to paycheck, an increase from 47 percent in 2008.
One-in-five workers (21 percent) polled said they are taking money from their long-term savings to satisfy financial burdens and have decreased their personal savings or 401(k) contributions over the last six months.
One-third of employees have forgone long-term savings plans. They have increased their savings each month (33 percent) and do not participate in 401(k)s, IRAs or other retirement plans (36 percent). Of those who did attempt to save, 30 percent saved $100 per month and 16 percent saved less than $50 per month.