More American workers are living paycheck to paycheck than they did last year, according to a new survey. And many of them don't save as much as a penny in a given month.
CareerBuilder.com reports that 47 percent of workers say they "always or usually live paycheck to paycheck just to make ends meet," up from 43 percent in 2007. And the problem isn't just for those with low-paying jobs--21 percent of workers with salaries of $100,000 or more reported that they are living paycheck to paycheck.
In addition, 1 in 4 workers reported that they didn't set any money aside for savings each month. And many of those that are managing to save aren't saving much--34 percent are saving less than $100 per month. Meanwhile, one-third of workers said that they did not participate in a 401(k) or other retirement plan, according to the survey.
How much more income would it take for workers to live comfortably? Consider this eye-opening statistic: 42 percent of the 7,192 workers surveyed said they would need up to an additional $500 per paycheck in order to live comfortably, according to CareerBuilder.com.
In terms of gender, CareerBuilder.com pointed out that more women (54 percent) said that they were living paycheck to paycheck than men (41 percent). And although more women (70 percent) said that they set a budget for themselves then men (61 percent), more men (77 percent) are able to save some portion of their paycheck each month than women (72 percent).
"Nearly two-thirds of workers say they have a set budget each pay period, although 19 percent admit to typically going over it," Rosemary Haefner, vice president of human resources for CareerBuilder.com, said in a press release "Just like in business, going over a budget can have negative consequences on the bottom line. Workers who are facing challenges in this area may want to reevaluate where their funds are being allocated, so they can identify opportunities to reprioritize, recoup savings and lighten their financial burden."