Forty-two percent of workers reveal they typically or always live paycheck to paycheck, which is an improvement from 43 percent in 2010 and in line with the pre-recessions levels of 2007, according to a recent nationwide survey of more than 5,200 workers by CareerBuilder.
The amount of workers who missed a bill payment fell to 20 percent for a slight improvement from 22 percent at this time in 2010.
Workers making six-figure salaries also are seeing improvements, with 14 percent of those respondents saying they live paycheck to paycheck, a decline from 17 percent in 2010. Only 6 percent say they can't make ends meet every month, which is an improvement from 8 percent last year.
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Women, however, still struggle with their personal finances compared to men. Of the respondents, 46 percent of women and 38 percent of men say they live paycheck to paycheck, and 24 percent of women say they missed a bill payment over the last 12 months. Seventeen percent of men missed a bill payment.
"A better employment picture in the U.S. has brought more steady incomes into households, and workers are paying much closer attention to spending decisions and savings," says Rosemary Haefner, vice president of human resources at CareerBuilder. "The majority of U.S. workers (72 percent) reported they are more fiscally responsible since the recession and have made a variety of changes to their living and spending habits."
Despite financial troubles, respondents say they would absolutely not give up the following regardless of their financial concerns:
- Internet connection – 56 percent
- Driving – 46 percent
- Mobile phone – 42 percent
- Cable TV – 27 percent
- Going out to eat – 11 percent
To make ends meeting, 21 percent of respondents say they have reduced their 401(k) contributions or personal savings in the last year while 34 percent of respondent aren't contributing to long-term savings at all. Seventeen percent of respondents making six figures have reduced their monthly savings contributions and 401(k) programs, and 9 percent don't participate in a 401(k) program or other personal savings plan.
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