Creative media stories about Americans living “paycheck to paycheck” are, in fact, mostly creative writing and not reality: Data shows disconnect between Americans’ perceived financial strain and reality
Many who say they live “paycheck to paycheck” spend significant amounts of their income on “non-essentials”. Also, oddly enough, many have high incomes – suggesting an expansion of “wants” as their income rose.
I covered the “paycheck to paycheck” media meme on my Social Panic blog – it’s a topic the media runs at least twice per year, often citing “61% of Americans live paycheck to paycheck” Search Results for “paycheck” – Social Panic. Amusingly, it is much the same percent very year, but it sounds scary.
