Contrary to popular belief, “this not just an issue for people at the lower end of the income spectrum,” Dan Macklin, Salary Finance’s U.S. CEO and co-founder of SoFi, tells CNBC Make It. About 31% of respondents earning over $100,000 also regularly experience a budget shortfall before payday.

For many, it’s the rising cost of living — including food, housing, education and medical expenses — that creates the squeeze. Over the past year, basic costs increased by 2.3%, according to the Bureau of Labor Statistics’s Consumer Price Index. The cost of medical care rose 4.6% in 2019, the largest year-over-year increase since 2007, the BLS reports. Housing also jumped 3.2% last year, while education expenses rose 2.1% and food prices increased about 1.8%.

For others, it’s stagnant wages. Real wages effectively remained stalled last year, showing only a 0.2% year-over-year increase, according to the PayScale Index. But looking longer term, Payscale found median wages, when adjusted for inflation, actually declined 9% since 2006.