Debt.com's 2024 budgeting survey of 1,000 Americans shows a mixed financial picture. While more people are budgeting and finding it beneficial to stay out of debt, the number of individuals living paycheck to paycheck has risen 10% over the past two years.

In 2022 and 2023, 50% reported living paycheck to paycheck; this year that number climbed to 60%. Meanwhile, 90% of respondents say they budget, compared to 70% when the survey was first conducted seven years ago.

One bright spot is the percentage of people who say budgeting has helped them get out of or stay out of debt, increased to 89% this year from 73% in 2018. Millennials lead the way, with 92% reporting that budgeting has kept them out of debt, followed by 90% of Gen X, 86% of Baby Boomers, and 83% of Gen Z.

The survey also highlights the reasons people began budgeting:

• 38% - Increasing wealth and savings
• 21% - Tackling debt
• 17% - Inflation and cost of living
• 15% - Saving for retirement
• 6% - Job loss
• 2% - Divorce or loss of a spouse

"The rising number of people living paycheck to paycheck indicates that economic factors may be driving the need for individuals to fine-tune their budgeting strategies," continued Dvorkin.

Of those who say they budget, 39% say their whole household works to stay on budget. The survey also shows that, overall men (94%) are budgeting more than women (87%). The top reason women cited for not budgeting was that they "don't have much income," while men primarily said it's "too time-consuming."