Is there a consensus that a majority of Americans are living paycheck to paycheck?

While one survey by LendingClub found that more than 60% of Americans reported living paycheck to paycheck, others recorded lower numbers. LendingClub asked 3,252 U.S. consumers if they needed their next paycheck to cover their monthly spending; 62% answered yes. 

In contrast, the Federal Reserve found that 54% of Americans have emergency savings to cover three months of expenses. Bankrate found that while 59% of Americans are uncomfortable with their level of emergency savings, 34% are living paycheck to paycheck. 

The lack of consensus may be explained by the ambiguity of the term “paycheck to paycheck.” For example, almost half of Americans surveyed by Bank of America said they were living paycheck to paycheck but only a quarter spent 95% of their income on necessities. 

Nevertheless, financial hardship remains a widespread issue in America. Jeffrey Fuhrer estimates 43% of all U.S. families fall short of meeting basic needs.