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shawn / Shawn⚡️
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2024-04-13 21:14:16

shawn on Nostr: samah asked me “How common do you think it is for Americans to live beyond their ...

samah (npub19pj…lenu) asked me “How common do you think it is for Americans to live beyond their means?”

I asked Anthropic’s Claude “What percentage of Americans live beyond their means?”

The response:

“It's difficult to determine an exact percentage of Americans who live beyond their means, as this can vary depending on the definition used and the data sources consulted. However, several studies and surveys provide insights into the financial well-being of American households:

1. According to a 2022 report by LendingClub, 64% of Americans were living paycheck to paycheck, including 48% of those earning $100,000 or more annually.

2. A 2021 CNBC survey found that 56% of Americans have less than $1,000 in savings, suggesting that many may struggle to cover unexpected expenses or emergencies.

3. The Federal Reserve's 2020 Survey of Consumer Finances revealed that 36% of households would struggle to cover a $400 emergency expense using cash or its equivalent.

4. In a 2019 Ladder survey, 40% of respondents said they spend more than they earn each month.

These figures suggest that a significant portion of the American population may be living beyond their means, either by spending more than they earn, having insufficient savings, or struggling to cover unexpected expenses. However, it's important to note that individual circumstances can vary greatly, and these percentages don't necessarily mean that all these individuals are consistently overspending or are in financial distress.”
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