Most millennials are living paycheck to paycheck, study found
MIAMI - The Federal Reserve is expected to raise interest rates for the 10th time in over a year.
This comes as a new report was just released showing over half the country is living paycheck to paycheck.
As of March, the share of adults feeling stretched too thin fell to 60 percent from 62 percent in the previous month, according to a new LendingClub report. But, the number for millennials is much higher at a staggering 73 percent of people who say they are spreading themselves too thin.
As of March, 66 percent of Gen Zers were living paycheck to paycheck, that's up from 58 percent a year ago, according to LendingClub.
Financial experts say inflation plays a huge role in all of this and the fact that wages have not changed.
CBS News Miami asked Indraneel Chakraborty, an Associate Professor of Finance at the Miami Herbert Business School, when things will improve.
"It is going to be hard for a while until real income and real wages can catch up and improve and that takes unfortunately a couple of years at least, if I'm trying to be optimistic," he said.
Here are things you do to help protect your wallet:
- Record your expenses
- Include savings in your budget
- Find ways to cut spending
- Set goals
- Watch your credit card spending
