Approximately two-thirds of Americans are living paycheck to paycheck, a new survey has found.
The Issues and Insights/TIPP (I&I/TIPP) Poll released on Wednesday found 64 percent of respondents reported “living paycheck to paycheck.”
"Democratic politicians seem befuddled by the general lack of respect for what they believe are the accomplishments of Bidenomics. But they shouldn’t be. Because, despite some rebound in the economy since the COVID shutdown, Americans continue to struggle," the pollsters reported.
The financial struggles are affecting voters across the political spectrum.
"What’s equally surprising is that the public’s concern is bipartisan, with 63% of Democrats, 67% of Republicans, and 62% of independents saying they’re just scraping by each payday," the report added.
Even those who are in the highest income bracket, making over $75,000 a year, reported having trouble making ends meet.
"Interestingly, more than half of those in the wealthiest income bracket — those earning $75,000 or more a year (53%) — and those who are investors (51%), another relatively wealthy group, each said they’re also having trouble making ends meet on a monthly basis," the report added. "Those at lower incomes, defined as below $70,000 a year in income, averaged 68% saying they were having difficulty making ends meet."
The pollsters found that the economy is harming people across all races, with 62% of white Americans and 69% of black and Hispanic Americans agreeing they’re struggling financially each paycheck.
"No one’s immune," the pollsters wrote.
The poll also asked voters, “How much money do you have in savings that you could use in an emergency?”The answers were then grouped by dollar value based on the individual responses as follows: “$0,” “less than $1000,” “$1,000 to $4,999,” “$5,000 to $9,999,” “$10,000 to $19,999,” “$20,000 to $49,999,” and “$50,000 or more.” They could also respond “prefer not to answer.”
A massive 24 percent said that they have zero savings.
"Meanwhile, 20% answered less than $1,000, and yet another 14% said less than $5,000. A total of 44% had either zero or less than $1,000. The median savings amount, even after counting in the richest Americans, totaled just $1,586," the report stated.
Surprisingly, the poll found that black and Hispanic voters are more likely to have money saved than white people, with 75 percent of minorities reporting savings.
"Moreover, the median held by minorities, $2,232, is well above the white median of $1,310," the report said.
The I&I/TIPP Poll was conducted with 1,401 registered voters from January 3-5. The poll has a +/-2.6 percentage point margin of error.
