If you’re a true crime fan, you’ve heard this: They say that the “first 48 hours” are CRITICAL in a lot of police investigations. But there’s another CRIMINAL thing that happens in 48 hours: Your paycheck vanishes. (???)
According to a new report, the average American spends nearly 48% of their paycheck WITHIN THE FIRST 48 HOURS.
And 35% of the paycheck is gone within the first 12 hours. That’s especially true among Millennials, who spend money faster than any other generation.(And no, they’re not running out to buy a new TV or a Labubu or whatever.)
Most of that spending goes toward essentials. 52% of people say they cover groceries or necessities as soon as they receive their paycheck. Others pay bills due within the week, or take care of major obligations like rent or credit cards. 32% also knock out smaller bills, such as utilities or subscriptions.
A lot of the pinch comes from a bi-weekly pay schedule, while bills come continuously throughout any given month. 62% of people say being paid daily or as they work would improve their financial wellness and decrease stress.
