The average American spends more than a third of their paycheck within the first 12 hours of receiving it, according to new research .

A survey of 2,000 employed Americans split evenly by generation revealed that this was especially true for millennials, one of the highest spending generations today, who spend an average of 40% within those first few hours – more than any other group.

Still, for the average American, by 48 hours, nearly 48% of the average paycheck is already spent.

Most of that early spending goes towards essentials. More than half of respondents said they cover groceries or necessities (52%) as soon as they receive their paycheck. Others pay bills due within the week (48%), and 42% take care of major obligations like housing or credit cards. About one in three also k

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