(NewsNation) — About 40% of American workers say they’re living paycheck to paycheck, and a new study finds even high earners feel like they’re barely scraping by.
Those earning under $50,000 a year are the most likely (57%) to say they’re living paycheck to paycheck, according to a recent Goldman Sachs report. Surprisingly, about 40% of those making $300,000 or more said the same.
That’s striking because only 25% of workers earning $100K to $200K said they’re living paycheck to paycheck. Those making $50K to $100k were also less likely than the highest earners to describe their finances that way.
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Goldman Sachs said the financial anxiety among high earners could stem from “lifestyle
creep” as “luxuries becoming necessities” to certain income cohorts.
The median U.S. household income was $83,730 in 2024, according to the Census Bureau.
Share of workers who say they “primarily live paycheck to paycheck,” by income group (Goldman Sachs Retirement Survey and Insights Report 2025)
Less than $50,000: 57%
$50,001 to $100,000: 36%
$100,001 to $200,000: 25%
$200,001 to $300,000: 16%
$300,001 to $500,000: 41%
$500,001+: 40%
Living paycheck to paycheck can look different for everyone, so it doesn’t necessarily mean affluent households are struggling to put food on the table. In fact, other data suggests high earners are doing well in today’s economy.
Still, Goldman Sachs found that the cost of basic needs — like housing, education and child care — has “increased dramatically” since 2000, “outpacing by far the median wage growth.”
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Homeownership now eats up about 51% of the median income, up from 33% twenty-five years ago, according to the report. The cost of center-based child care has risen to 18% of income from 12% in 2000.
With the gap between income and expenses narrowing, many Americans are being pulled into what Goldman Sachs calls a “financial vortex” — torn between near-term bills and long-term goals like retirement.
“The impact of competing priorities can significantly erode retirement savings, and without appropriate interventions, many individuals may find themselves underprepared for retirement,” the report said.
There were also differences across generations. Millennial (45%) and Gen Z (39%) respondents were far more likely than baby boomers (18%) to describe their financial situation as paycheck to paycheck.
Broader data cited in the report suggests the share of U.S. workers living paycheck to paycheck has risen over the past two decades — from 31% in 1997 to 46% in 2023.
Despite those headwinds, almost 70% of workers are feeling optimistic about their retirement goals, even though roughly 60% expect to outlive their savings.
Goldman Sachs’ findings are based on a July 2025 survey of more than 5,100 people, including nearly 3,600 workers and 1,500 retirees.
