On-Air Now
On-Air Now

Most Americans Living Paycheck to Paycheck Expect To Spend The Same Or Less



YouTube, @CBS Miami.

Most Americans who are living paycheck to paycheck say they expect to spend about the same amount or less this holiday season as they did last year.

That’s according to a new Forbes Advisor survey that says close to half say they’ll spend about the same, and nearly one in five said they plan to tighten their belts.

Another 30% of those whose paycheck just covers their living expenses with little left over say they’ll spend more. More than a third of Americans — 35 percent — expect to spend between $251 and $700 on holiday presents, while 38 percent plan to spend between $751 and $1,500, according to the Forbes survey.

The vast majority of Americans have less than $2,000 in emergency savings — the average amount needed to cover one month’s bills in the U.S. Only about 20 percent have more than $2,000 in savings.