The Average American Spends Half Their Paycheck in the First 48 Hours

Wise Brothers—-Chattanooga, TN

The Average American Spends Half Their Paycheck in the First 48 Hours

We need to do better… According to a new report, the average American spends nearly 48% of their paycheck within the first 48 hours.  And 35% of the paycheck is gone within the first 12 hours.  That’s especially true among Millennials, who spend money faster than any other generation.

Most of that spending goes toward essentials.  52% of people say they cover groceries or necessities as soon as they receive their paycheck.  Others pay bills due within the week . . . or take care of major obligations like rent or credit cards.  32% also knock out smaller bills, such as utilities or subscriptions.

A lot of the pinch comes from a bi-weekly pay schedule, while bills come continuously throughout any given month.  62% of people say being paid daily or as they work would improve their financial wellness and decrease stress.

Courtesy of Talker Research