Bernie Sanders has said: Corporate greed is Mark Zuckerberg becoming $3.4 billion richer TODAY while building a $100 million mansion in Hawaii with 30 bathrooms & an underground bunker

Bernie Sanders has said:

Corporate greed is Mark Zuckerberg becoming $3.4 billion richer TODAY while building a $100 million mansion in Hawaii with 30 bathrooms & an underground bunker. Meanwhile, a record-breaking 653,000 Americans are homeless & 60% live paycheck to paycheck.

60% of Americans are living paycheck to paycheck heading into the holidays, per CNBC.

Read full article: https://www.cnbc.com/2023/11/20/60percent-of-americans-live-paycheck-to-paycheck-before-the-holidays-study.html

While inflation might be showing signs of tempering, a significant portion of households continues to experience financial strain.

According to a recent report from LendingClub, as of October, 60% of adults acknowledged living paycheck to paycheck, a figure that remains unchanged from the previous year. The report also revealed that 4 in 10 consumers perceive their financial situation as worse compared to 2022.

Despite the cooling of inflation, households are grappling with financial challenges. The LendingClub survey, conducted in October, provides insight into the financial sentiments of adults just before the onset of the holiday season. Notably, shoppers are anticipated to overspend during the Thanksgiving week, with spending expected to surge by 13% from the previous year, reaching an average of $567, as per a 2023 Deloitte Black Friday-Cyber Monday survey.

The report also highlights that credit card debt has surpassed $1 trillion. Surprisingly, 96% of shoppers, according to a TD Bank survey, expect to overspend during the holiday season. Another report by Ally Bank indicates that half of consumers plan to take on additional debt to cover holiday expenses, with only 23% having a plan to pay it off within one to two months.

Despite these financial challenges, 74% of Americans express stress about their finances, according to a CNBC Your Money Financial Confidence Survey conducted in August. Factors contributing to this stress include inflation, rising interest rates, and a lack of savings.

The CNBC survey found that 61% of Americans are living paycheck to paycheck, marking an increase from 58% in March. Many households have tapped into their cash reserves in recent months, with over one-third of consumers planning to dip further into their savings to cover holiday spending, as per the LendingClub report.

Alia Dudum, LendingClub’s money expert, expresses concern about consumers relying on savings and exceeding budgets to finance holiday purchases, potentially leaving them vulnerable to unexpected emergencies.

As consumers face financial pressures, Jacqueline Howard, head of money wellness at Ally, notes the rise of a "mentality of hyper-consumption," particularly evident during the holidays when families tend to overspend on gifts. She recommends adopting a value-based budget approach, aligning spending with priorities like family, travel, or experiences to enhance overall well-being.

Read more: https://unusualwhales.com/news/60-of-americans-are-living-paycheck-to-paycheck-heading-into-the-holidays