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It's no secret that many Americans are facing severe financial pressure. While inflation may be slowly evening out, prices for many everyday expenses remain high. To add to that, high interest rates are creating larger mortgage and car payments for many consumers. With the cost of living so elevated, many Americans find themselves living paycheck to paycheck.

All of this mounting financial pressures is impacting Americans' ability to save money and build wealth. A recent GOBankingRates survey found that nearly half (49%) of Americans live paycheck to paycheck throughout the entirety of the year, with an additional 22% live paycheck to paycheck at least part of the year.

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