About 36 per cent of Americans earning an annual income of between $200,000 and $250,000 lived pay cheque to pay cheque in April as inflation in the world's largest economy remains at a 40-year high, according to a new survey by data provider PYMNTS.
Forty-two per cent of consumers earning more than $100,000 per year also reported living pay cheque to pay cheque in April — down from 49 per cent in March 2022 but an increase from 40 per cent in April last year, the survey, which polled 4,048 US consumers from April 6 to April 13, found.
“Approximately three-in-five US consumers devote nearly all of their salaries to expenses with little to nothing left over at the end of the month,” PYMNTS said.
“While costs everywhere are going up, more pandemic-related restrictions are lifting across the country, meaning that staying in and saving money may be harder than ever.”
Inflation in the US rose 8.3 per cent over the previous 12 months in April, with energy and food prices recording the biggest increases, the US government’s April 2022 Consumer Price Index report found.
It marked the seventh straight month of price increases in excess of 6 per cent. The CPI shot up 8.5 per cent in March, the largest year-on-year gain since December 1981.
While Russia’s military offensive against Ukraine, which began on February 24, led to a sharp rise in commodity prices, inflation was already a problem because of stretched global supply chains as economies slowly recovered from the Covid-19 pandemic after governments across the world had announced major stimulus measures.
Meanwhile, about 61 per cent of US consumers across a range of income brackets lived from one pay cheque to the next in April, eroding their savings potential, PYMNTS said.
This compares with 52 per cent of US consumers who lived from one pay cheque to the next in April 2021.
Forty per cent of US consumers were living from one pay cheque to the next without difficulties paying monthly bills, up from 31 per cent in April last year, the survey found.
However, the number of people facing issues paying their bills rose to 22 per cent in April compared with 21 per cent in the same period last year, the research showed, including between 10 per cent to 12 per cent of consumers in higher income brackets.
About 19 per cent of middle-income consumers, or those earning from $50,000 to $100,000, and 36 per cent of lower-income consumers — those earning less than $50,000 — had issues paying their bills, PYMNTS said.
The survey also found that US consumers earning more than $250,000 were 40 per cent more likely to use financial products such as credit cards and personal loans, compared with those earning less than $50,000 a year.
Credit card usage ranges from 47 per cent among lower-income consumers to 73 per cent among consumers in the highest income bracket.
The share of those taking on personal loans ranges from 9 per cent to 14 per cent, the research found.
Only 15 per cent of US consumers who earn more than $250,000 annually have not made a credit payment in the past three months compared with 39 per cent of those earning less than $50,000.
About three quarters of consumers earning more than $100,000 have made a credit card payment during the same period, the research found.
Overall, credit card ownership remains high in the US, with 81 per cent of adults of all income brackets saying they have at least one card.
The share grows as annual income increases, with 95 per cent of consumers who earn more than $250,000 a year saying they hold at least one credit card.
Meanwhile, 63 per cent of the highest earners in the US also have above average credit scores compared with18 per cent of consumers earning less than $50,000 a year, the survey found.
Common OCD symptoms and how they manifest
Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.
Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.
Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.
Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.
Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.
Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia
Killing of Qassem Suleimani
LUKA CHUPPI
Director: Laxman Utekar
Producer: Maddock Films, Jio Cinema
Cast: Kartik Aaryan, Kriti Sanon, Pankaj Tripathi, Vinay Pathak, Aparshakti Khurana
Rating: 3/5
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Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
UAE currency: the story behind the money in your pockets
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MATCH INFO
Uefa Champioons League semi-final:
First leg: Liverpool 5 Roma 2
Second leg: Wednesday, May 2, Stadio Olimpico, Rome
TV: BeIN Sports, 10.45pm (UAE)
Engine: 3.5-litre V6
Transmission: eight-speed automatic
Power: 290hp
Torque: 340Nm
Price: Dh155,800
On sale: now
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Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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The Abu Dhabi Awards explained:
What are the awards? They honour anyone who has made a contribution to life in Abu Dhabi.
Are they open to only Emiratis? The awards are open to anyone, regardless of age or nationality, living anywhere in the world.
When do nominations close? The process concludes on December 31.
How do I nominate someone? Through the website.
When is the ceremony? The awards event will take place early next year.
