A new report shows as inflation eats away at American pocketbooks, a historically high number of Americans are now living paycheck to paycheck – with half of those earning six figures saying they are just barely getting by.

63% of Americans were living paycheck to paycheck as of September, according to the LendingClub report. The highest-ever reading for that metric was 64%, set in March. One year prior it was 57%. Of those making six figures or more, 49% reported living paycheck to paycheck, up from the previous year’s 38%.

This is driving many Americans to dip into their cash reserves, or begin taking on debt.

Anuj Nayar, LendingClub’s financial health officer said, “Consumers are not able to keep up with the pace that inflation is increasing.”

Nayar went on, “Being employed is no longer enough for the everyday American. Wage growth has been inadequate, leaving more consumers than ever with little to nothing left over after managing monthly expenses.”

The latest Consumer Price Index came in showing prices rising at 8.2% year over year, close to the highest levels seen in the early 1980’s. Meanwhile, the Bureau of Labor Statistics found that real hourly earnings dropped 0.1% for the month, and 3% for one year prior.

Another report from Salary Finance revealed that two thirds of adults say their financial situation has deteriorated since the same period in the previous year.

Nayar noted that these conditions mean by the end of 2022, America is on course to hit all time highs of financial distress. He said, “With inflationary pressures not expected to subside anytime soon, living paycheck to paycheck has become the norm.”