NU Online News Service, Nov. 17, 2003, 4:20 p.m. EST – Fifty-two percent of workers participating in a recent MetLife survey say they live paycheck to paycheck.
According to the “2003 Employee Benefits Trend Study” released today by MetLife Inc., New York, younger workers are far more likely to manage their finances that way. Among those 21 to 30 years old, 59% say they live paycheck to paycheck, compared to 52% of those 41 to 50.
Yet even among those nearing or at the traditional retirement age, from 61 to 69, 51% say they depend on each paycheck. Among those with children under 18, 57% rely on their paycheck to manage finances.
Even among employees earning $75,000 or more annually, more than 34% live paycheck to paycheck.
Such short-term financial planning leaves little room for college savings or planning for retirement, MetLife notes.