Study: Majority of Americans living ‘paycheck-to-paycheck,’ average debt at $25k

Some Americans have turned to gambling to shore up finances.

Updated: November 5, 2022 - 5:46pm

The Facts Inside Our Reporter’s Notebook

The majority of Americans are living paycheck-to-paycheck, a new study finds, with considerable debt loads driving some of them to gamble in an attempt to earn more money.

The study, commissioned by NY Sports Day, found that "more than half  [of Americans] (51%) are living paycheck to paycheck right now," while 42% of Americans "would not be able to cover an unexpected $1,000 expense."

The study revealed that "on average, Americans are in the red by about $25,139," while nearly 10% of U.S. citizens "admitted to trying to get out of debt by playing the lottery."

The majority of generational cohorts in the U.S. are pessimistic about the "financial future" as well, with more than 50% of Gen Xers, Millennials and Gen Zers lacking confidence about their future finances. 

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