Are you a millennial? If so, chances are you’re struggling to make ends meet. According to a new survey, 70% of millennials are living paycheck to paycheck and only have an average of $3,928 saved for an emergency.

If you’re not a millennial, don’t be so quick to judge this generation. The cost of living is quite expensive and has gone up faster than the average salary. While earning six figures used to sound like a lot of money, now, it doesn’t stretch as far. In fact, earning $100,000 is now considered middle class which ranges from an income of about $48,500 to $145,500.

According to this new survey by PYMNTS, 53% of people who earn between $50,000 and $100,000 are living paycheck to paycheck and 60% of millennials who earn over $100,000 are also living paycheck to paycheck.

The American dream is hard to afford, and millennials are far from the only high earners who are struggling to pay the bills. This survey, which collected data from 30,000 people in the United States, found that 40% of all high earners are living paycheck to paycheck.

While it seems that millennials are struggling more than other generations, it makes sense when we look at what bills they have to pay. For example, the survey mentioned one particular case of a 35-year-old college graduate who is paying off student loans, paying a mortgage and supporting a child. On average, millennials owe about $80,000 for student loan debt alone.

On the flip side, some millennials are struggling to save for the future because they have gotten accustomed to a luxurious lifestyle. These millennials have become known as HENRYs which stands for High Earners Not Rich Yet. While they are making six figures, they tend to increase the cost of their lifestyle as their paycheck increases. That doesn’t leave much if any of a savings account.

The report explained, “Living paycheck to paycheck sometimes carries connotations of barely scraping by and of poverty. The reality of a paycheck-to-paycheck lifestyle in the United States today is much more complex, and the current economic environment has made it even more complicated.”

Are you living paycheck to paycheck? Does it surprise you that most millennials earning over $100,000 are living paycheck to paycheck? Does it surprise you that earning $100,000 is considered middle class? What do you think would help solve the problem of living paycheck to paycheck? Do you think millennials need to scale back their lifestyle choices? Do you think the cost of living is too expensive?