A Chime report found that of the 70% of working Americans on a traditional pay cycle, 43% report having missed out on events, purchases, or services in the past six months due to financial delay. Chime’s chief spending officer Janelle Sallenave joins Wealth! with host Brad Smith to take a look at the data and what it tells us about the average American’s personal finances. “What we had begun to see in our internal data, more than seven million members that we work with, was that the traditional pay cycle just wasn’t keeping pace with the realities of modern life," Sallenave tells Yahoo Finance, “More than 40% of Americans have reported that they’ve needed to miss out on something important that could be an event with a friend, a family gathering, taking a pet to the vet because they were waiting for their paycheck, and 60% of Americans expect to face similar challenges in the next six months.” Sallenave dubs this advanced stage FOMO as being "forced to miss out" — FTMO. " It represents not just the fear of missing out. We all know FOMO, but it’s the reality of being forced to miss out and having to really pick and choose between those purchases," Sallenave says Chime’s report shows that more than 45% of Americans report using a credit card to avoid missing out on something in the past six months.
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