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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.
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.
