Many Americans are eager to put money away for retirement, but that goal is increasingly out of reach because more workers are living paycheck to paycheck, a new Goldman Sachs study finds.

Roughly 42% of younger working Americans — spanning Gen Z, millennials and Gen X — report having no spare savings after covering their basic living expenses, according to the analysis, which surveyed about 3,600 workers and 1,500 retirees. Among those just getting by, about three-quarters said they are struggling to save for retirement, the survey found.

The share of U.S. workers in this precarious financial position has grown significantly since 1997, when 31% lived paycheck to paycheck, according to Goldman. The investment bank projects that figure could climb to well over half of Americans by 20

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