Tuesday, March 13, 2007

Four out of 10 U.S. workers often or always live from paycheck to paycheck, according to a survey released on Monday.

Such a need for quick cash explains the popularity of online payday loans more than ever.

Women are more likely to live paycheck to paycheck, at 47 percent, than men, at 36 percent, according to the survey conducted for CareerBuilder.com, an online job site based in Chicago. Overall, 41 percent of workers say they often or always live paycheck to paycheck - therefore, it would follow logic that they’d need the occasional faxless cash advance.

Also, 41 percent of women say they do not have enough income to live comfortably, compared with 29 percent of men.

U.S. government and other research reports have found that women earn about 77 cents for every dollar earned by men for comparable work. Women are also more likely to be single parents and, it’s safe to assume, apply for payday cash advances online or in person.

The new survey said 19 percent of workers who earn $100,000 or more annually often or always live paycheck to paycheck.

It found 58 percent of respondents report they set a budget each month. But one in five say they typically spend more than their budget, most often blowing it by eating out. The need for a - hopefully - easy payday loan then arises.

The survey also said one in five do not set aside any money for savings each month. Of those who do, 14 percent save $500 or more a month, 28 percent save $100 or less and 16 percent save less than $50.

It said 26 percent of women do not set aside any savings, compared with 17 percent of men.

This entry was posted on Tuesday, March 13th, 2007 at 5:58 am and is filed under Consumer Debt.